Japanese power company JERA invests USD 200 million in ReNew Power

ReNew Power Ventures reference PV plant in India
ReNew Power Ventures reference PV plant in India

Independent renewable energy power producer ReNew Power Ventures Private Limited, (New Delhi, India) on February 14th, 2017 announced an equity fund raise of USD 200 million for a 10 percent stake in the company through the subscription of newly issued shares by JERA Co., Inc. (Tokyo), a Japanese power company with a global presence.

Following the company’s founding six years ago, this latest investment round now values ReNew Power at USD 2 billion.

JERA is a joint venture between two of Japan’s largest utilities companies, Tokyo Electric Power Co., Inc. and Chubu Electric Power Co., Inc.

JERA currently operates approximately 6 GW of energy assets globally across North America, the Middle East and SE Asia. This investment in ReNew Power marks its first entry into India’s energy sector.

“As a ReNew Power shareholder, we will seek to contribute to the company by making available technical, operational, project development, and management experience gained through our global power businesses,” said Yuji Kakimi, President of JERA.

Founded in 2011 by Sumant Sinha and funded by Goldman Sachs who remains the majority shareholder, ReNew Power focuses on non-conventional power through innovation in solar and wind power solutions.

 

2017-02-15 | Courtesy: ReNew Power | solarserver.com © Heindl Server GmbH

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