The ReNew Power Ventures Pvt Ltd on 14 February 2017 announced that it sold a 10 per cent stake in the company to Japanese firm JERA for USD 200 million.
While the ReNew Power Ventures is India’s leading renewable energy producer, JERA is a Japanese company.
Following the company’s founding six years ago, this latest investment round now values ReNew Power Ventures Pvt Ltd at USD 2 billion.
About ReNew Power Ventures
• ReNew Power Ventures Pvt Ltd is an independent power producer (IPP) company. It was founded in 2011 by Sumant Sinha.
• ReNew Power’s mission is to play a pivotal role in meeting India’s growing energy needs in an efficient, sustainable and socially responsible manner.
• The company creates value through reliable and efficient generation of non-conventional power through innovation in solar and wind power solutions.
• The company has over 3,000 MW of commissioned and under construction clean energy capacity across the States/UTs’ of Delhi, Gujarat, Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Jharkhand, Uttar Pradesh, West Bengal, Tamil Nadu and Andhra Pradesh.
• Prior to this present deal with JERA, existing world-class investors, including the Abu Dhabi Investment Authority, Asian Development Bank and Global Environmental Fund and Goldman Sachs invested in the company.
• JERA is an energy company with global reach. It has strength in the entire energy supply chain.
• It was established in 2015 as the equal joint venture of two major Japanese electric companies - Tokyo Electric Power Company and Chubu Electric Power Company.
• It has presence in Liquefied natural gas (LNG) procurement, fuel transportation and power generation.
• JERA’s mission is to supply power and energy on a globally competitive basis by effectively developing and managing its 3 portfolio of energy chain assets.
• JERA currently operates approximately 6 GW of energy assets globally including in the North America, the Middle East and the South East Asia.
• This investment in ReNew Power, marks its first entry into India’s energy sector.