Independent renewable energy power producer ReNew Power Ventures Private Limited, (New Delhi, India) on February 14, 2017 announced an equity fund raise of United States dollars 200 million for a 10 percent stake in the company through the subscription of newly issued shares by JERA Co., Inc.
India, with its plan to have 175 GW of renewable energy capacity by 2022, has recently been an attractive destination for foreign investors in the sector.
JERA, which is foraying into the Indian renewable sector with the stake-purchase, now operates approximately 6 GW of energy assets globally across North America, West Asia and SouthEast Asia.
The company has already received investments from the likes of Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank (ADB), and Global Environment Fund (GEF). 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.
JERA, a fuel joint venture between Tokyo Electric Power and Chubu Electric Power, said it would acquire a 10 percent stake through a third-party share allocation.
ReNew aims to play a pivotal role in meeting India's growing energy needs.