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India

India

Renew Power backed by Japanese funding

INDIA: Major Indian wind developer Renew Power has sold a 10% stake to Japanese investment joint venture Jera for $200 million.

Renew Power operates over 1.5GW of renewable power in India
Renew Power operates over 1.5GW of renewable power in India

Jera comprises Japanese power firms Tokyo Electric Power and Chubu Electric Power. Its acquisition of the stake in Renew Power marks Jera's first foray in to the Indian energy sector, as well as its first in renewables.

Renew Power owns around 1.5GW of renewables capacity, with a further 1.8GW under construction, Jera said.

In April 2016, the developer said it was the first company in India to commission 1GW of wind power in the country.

"As a 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," said Jera president Yuji Kakimi.

Renew Power has also previously received backing from Goldman Sachs, the Abu Dhabi Investment Authority, Asian Development Bank and Global Environmental Fund.

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