JERA Co Inc agreed to acquire an equity stake of 10% in ReNew Power Ventures Private Limited through subscription to newly issued shares of ReNew by a wholly-owned JERA subsidiary.
ReNew is a major renewable power generation company based in India which develops and operates wind and solar power generation widely in that country. ReNew already operates 1.5 GW of assets and has 1.8 GW of assets under construction. Since its establishment in 2011, ReNew has expanded its business significantly, with further growth expected in the future.
In India, significant economic growth has brought increased demand for electricity. In addition, the Indian government has set a target of introducing 100 GW of solar and 60 GW of wind power generation by 2022. ReNew will play an important role in achieving these targets.
As a ReNew shareholder, JERA will seek to contribute to ReNew by making available technical, operational, project development, and management experience gained in the global power business. JERA looks forward to strengthening its relationship with ReNew and our co-shareholders in ReNew, and to making a positive contribution to India’s economic growth and environmental sustainability through ReNew’s success in developing its renewable energy capacity.
This is JERA’s first major transaction in the renewable energy space, and signifies the importance to JERA of developing a balanced overseas power generation portfolio that includes renewable energy. Adding to its renewable energy portfolio is an integral part of JERA’s plans to secure sustainable growth.