ReNew Power Private Limited (ReNew Power), renewable energy independent power producer, has a signed a joint venture with South Korea based GS E&C for 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.
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.
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.
I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together “
ReNew Power will hold a majority 51% equity under the partnership, while the balance will be held by GS E&C.
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