JERA, a joint venture
company of two of Japan’s
largest utility companies – Tokyo
Electric Power and Chubu Electric Power, invested $200 million for a 10 percent stake in India’s ReNew Power marking their entry
into the Indian energy sector. With this investment, ReNew Power is being
valued at approximately $2 billion according to the company.
ReNew Power shareholder, we will seek to contribute to the company by making
available technical, operational, project development, and management
experience gained through our global power businesses. We look forward to
strengthening our relationship with ReNew Power and making a positive
contribution to India’s
economic growth and environmental sustainability by leveraging and augmenting
ReNew Power’s success in developing its
renewable energy capacity,” said
Yuji Kakimi, President of JERA.
This investment is expected to help ReNew gain a larger
foothold in India’s Renewable Energy sector
commented Mercom’s source
at ReNew Power.
Some of the other investors in ReNew Power include Goldman
Sachs, Abu Dhabi Investment Authority, Asian Development Bank, and Global
According to Mercom’s India Solar Project Tracker, ReNew Power
has 317.5 MW of
operational solar projects and 1.3 GW of solar projects under development. ReNew Power’s solar
project pipeline was the largest in India as of December, 2016.