ReNew Power partners with GS E&C to execute solar project in Rajasthan

Clean energy firm ReNew Power on Wednesday said it has joined hands with South Korea-based GS E&C for execution of its 300 MW solar power plant in Rajasthan.

ReNew Power announced a joint venture partnership with South Korea based GS E&C in this regard, a company statement said.

ReNew Power will hold a 51 per cent equity under the partnership, while the balance will be held by GS E&C.

"I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together," ReNew Power's Chairman and MD Sumant Sinha said.

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 South Korea's leading construction and development firm and is part of the GS Group, with an asset base of over USD 58 billion.

This partnership will mark the entry of GS E&C in the Indian renewable energy sector.

"GS E&C and ReNew Power will continue to play an important role achieving the country's ambitious target for the transition to cleaner energy," said Huh Yun Hong, the president and head of new business division of GS E&C.

ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner. It has assets valued at over USD 6.5 billion.