ReNew Power (a subsidiary of ReNew Energy Global), and Gentari Renewables India (a subsidiary of Gentari), a clean energy solution provider in Malaysia have announced plans to set up equal joint venture to develop 5 GW capacity of wind, solar and energy storage projects.
To reach a goal of 5 GW of renewable energy capacity, Gentari and ReNew will work together as part of this planned joint venture to investigate investments into the development of renewable assets. ReNew has put together an ambitious capital investment plan for Rs 350 billion. The parties have now decided to work together, following Gentari’s initial investment for 49 per cent equity interest in ReNew’s 403 MW peak power project in May 2023.
Earlier this month, ReNew inked memorandums of understanding totalling Rs 640 billion with REC Limited and PFC Limited for green energy projects. The comp1any plans to use the funding for new initiatives in green hydrogen production, solar, wind, hybrid, and energy storage, cells manufacturing and solar modules.
In April 2023, ReNew emerged as a winner for Gujarat Urja Vikas Nigam Limited’s 500 MW auction. The company secured 200 MW of capacity and quoted a tariff of Rs 2.71 per kWh. While Avaada Energy, Mahindra Susten Private Limited, and Solarcraft Power Private Limited bagged 140 MW, 100 MW, and 60 MW of capacities, respectively.