Founded in 2011 by Sumant Sinha and funded by Goldman Sachs (NYSE: GS), who remains the majority shareholder, ReNew Power is committed to leading a change in the country's current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India's carbon footprint.
The company as an independent power producer creates value through reliable and efficient generation of non-conventional power through innovation in solar and wind power solutions. Prior to this investment by JERA, in addition to Goldman Sachs, existing world-class investors include the Abu Dhabi Investment Authority, Asian Development Bank and Global Environmental Fund.
Sumant Sinha, Chairman and CEO of ReNew Power said, "We are delighted that JERA has chosen to enter the Indian renewable energy sector by investing in our ever-expanding and fast-growing company.
"Their belief and investment in us further reinforces our capabilities and commitment towards changing the future of India through transforming our country's energy landscape. ReNew Power will continue to focus on developing sustainable and innovative solar and wind energy solutions and investing in high-quality projects to create positive returns for our stakeholders."
Ankur Sahu, co-Head of private equity in Asia at Goldman Sachs, said, "An investment from a preeminent organization like JERA is an important corporate milestone. From our first round of funding to found the company just six years ago, ReNew Power has successfully grown to become one of the largest, fastest-growing and well-funded renewable energy companies in India. As the company embarks on its next phase of growth, on behalf of all existing shareholders, we welcome JERA as our latest strategic partner."
In April 2016, ReNew Power became the first company in India to achieve 1 GW of commissioned wind and solar energy capacity. In November 2016, the company was mandated to install 5 MW of renewable energy capacity across India for state-owned Indian Railways and emerged as the largest winner of the Solar Energy Corporation of India's roof top auction, where 10 percent of the total capacity of 500 MW was won. Today, ReNew Power has a commissioned capacity of 1.5 GW with an additional 1.8 GW of assets under construction across India.
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