Global investment banker Goldman Sachs has invested about Rs 1,000 crore in ReNew Wind Power.
Globally, Goldman Sachs has over $1.5 billion investment in alternative/clean energy-related companies, including Horizon Wind Energy and Nordex AG.
ReNew Wind Power has several wind projects under development, including a 25 MW project in Gujarat and a 60 MW farm in Maharashtra.
The company says it has business framework agreements with Kenersys, Regen Powertech and Suzlon Energy to establish and operate wind farms in India and will expand its portfolio by 200-300 MW annually.
Mr Sumant Sinha, Chairman and CEO, ReNew Wind Power, said: “Goldman Sachs' global experience and network in the alternative/clean technology industry will provide us with additional momentum.
“Our vision is to be the leading renewable energy generation company in India.”
Mr Ankur Sahu, co-head of private equity in Asia at Goldman Sachs said, “ReNew Wind Power stands out as an example of Indian entrepreneurial excellence and we look forward to teaming with the management to help the company become a leader in India's renewable energy sector.”
Bloomberg reports:
Wind power companies in India are raising money to fund expansion as the nation plans to add 2,400 MW of wind energy capacity in the financial year ending March 31, 2012 and had 14,723 MW as of July.
ReNew Wind will invest the money in renewable energy and acquire projects on an opportunistic basis, Mr Sinha said in a telephone interview. He said Goldman's investment will be made over time.
India, the biggest market for new wind park installations after China and the US, is dominated by Ahmedabad-based Suzlon, which installed 41 per cent of new capacity in the last financial year.
Goldman will have representatives on ReNew Winds board and the company may consider trading publicly in the future, Mr Sinha said. There are no listing plans in the near future but several years down the road, that could be the exit possibility for an investor.