In a significant move towards bolstering India’s renewable energy landscape, ReNew Energy Global Plc (ReNew) and Gentari, two prominent players in the clean energy solutions domain, have unveiled a strategic collaboration to establish a 50:50 joint venture. ReNew Energy Global Plc, through its subsidiary ReNew Power Pvt. Ltd., and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte. Ltd., have successfully exchanged key terms to form this groundbreaking partnership. The term sheet was finalized in the presence of Sushil Purohit, Chief Executive Officer of Gentari, and Sumant Sinha, Founder, Chairman, and CEO of ReNew.
The primary focus of this alliance is to explore investments in the development of renewable energy assets, encompassing solar, wind, and energy storage technologies, with the ambitious goal of achieving 5 GW in renewable energy capacity. This collaboration comes on the heels of Gentari’s initial investment, securing a 49% equity stake in ReNew’s 403 MW Peak Power project earlier this year.
The strategic partnership paves the way for both ReNew and Gentari to expedite their decarbonization objectives. For Gentari, this collaboration represents a significant stride in expanding its renewable energy portfolio and aligns with its global ambition to develop over 30 GW of renewable energy capacity by 2030. Meanwhile, ReNew sees this alliance as a vital step in its strategy to engage with long-term partners, accelerate the transition towards renewable energy, and achieve its net-zero target by 2040.
Sushil Purohit, Chief Executive Officer of Gentari, expressed enthusiasm for the partnership, highlighting its potential to accelerate the development of renewable assets in India and foster sustainable growth. Sumant Sinha, Founder, Chairman, and CEO of ReNew, echoed the sentiment, emphasizing the importance of innovative solutions in contributing significantly to India’s goal of achieving 500 GW of installed renewable energy capacity by 2030.
This landmark collaboration between ReNew Energy and Gentari signifies a promising stride in India’s quest for a greener and more sustainable future, driven by the collective pursuit of clean energy solutions and the steadfast commitment to combat climate change. The partnership is expected to play a pivotal role in the country’s renewable energy expansion, contributing significantly to India’s clean energy targets.
