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ReNew Power has entered into a joint venture with South Korea based GS E&C for the execution of its 300 MW solar power plant in Rajasthan. The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year, the company said in a statement.
GS E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion. This investment will mark the entry of GS E&C in the Indian renewable energy sector. As a part of the deal, ReNew Power will hold a majority 51per cent equity under the partnership, while the GS E&C will hold the balance.
ReNew Power’s Chairman & MD Sumant Sinha said, “We are delighted to be partnering with GS E&C for this project, as both ReNew Power and GS E&C are not only leaders in their respective businesses, but also bring excellent project execution and management skills."
“We are pleased to take part in the national solar mission of India in partnership with ReNew Power, the leading company in the country’s renewable energy space,” Huh Yun Hong, the president and head of the new business division of GS E&C said in a media statement.
ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner. ReNew has assets valued at over $6.5 billion. Eom
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