ReNew Power forms joint venture with Korean major GSE&C for Rajasthan unit

ReNew Power to hold 51% equity under the partnership, balance with GS E&C

ReNew Power Private Limited (ReNew Power), India’s largest renewable energy independent power producer, today announced a joint venture partnership with South Korea-based GS E&C for execution of its 300 MW solar power plant in Rajasthan. The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.

GS E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion. This investment will mark the entry of GSE&C in the Indian renewable energy sector. 

“We are delighted to be partnering with GSE&C for this project, as both ReNew Power and GS E&C are not only leaders in their respective businesses, but also bring excellent project execution and management skills. I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together," said Sumant Sinha, chairman and managing director, ReNew Power. 

ReNew Power will hold a majority 51% equity under the partnership, while the balance will be held by GS E&C. “This remarkable (Bikaner) project is the first step in our great journey putting the technical expertise and financial capability of both companies together. GSE&C and ReNew Power will continue to play an important role achieving the country’s ambitious target for the transition to cleaner energy,” Huh Yun Hong, the president and head of new business division of GS E&C said in a media statement.

ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner making it India’s largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity. It is now the eleventh largest renewable energy company in the world (ex-China), with assets valued at over $6.5 billion.

As of December 2019, ReNew had a total capacity exceeding 8 GW of wind and solar power assets across the country, including commissioned and under development projects. Goldman Sachs, JERA, ADIA, CPPIB, and GEF SACEF India are among the equity investors in ReNew. 

As a construction and development arm of GS group, earlier part of LG group, GS E&C was established in 1969 and is one of the Korea’s largest engineering contractor & developer.