ReNew Power Ventures sells 10% stake to JERA
The sell agreement between ReNew Power Ventures and JERA is expected to strengthen bilateral relation between India and Japan in the field of renewable energy sector.
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.