ReNew Power has signed a definitive agreement to acquire Regent Climate Connect Knowledge Solutions Private Ltd (Climate Connect). A company statement said that Climate Connect is a digital-analytics, software development, Artificial Intelligence, and machine learning (ML) company, specialising in the power markets domain in India.
ReNew Power plans to operate Climate Connect as an independent subsidiary that continues to focus on building a global team. The acquisition is expected to add to ReNew’s digital capabilities and allow it to offer a suite of digital product offerings to customers across the energy value chain.
Speaking on the acquisition, Chairman and Managing Director of ReNew Power, Sumant Sinha, said “The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave will come through the development of digital products that help optimize power flow from generators to distribution companies to customers. As distribution companies look to tighten operations, find efficiencies, and reduce AT&C losses, digitalisation will play a key role and Climate Connect is well-positioned to service this important market.”
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