ReNew Power Private Limited (ReNew Power) today announced a joint venture partnership with South Korea based GS E&C for execution of its 300MW 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.
Commenting on the partnership, 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.
"We are pleased to take part in the national solar mission of India in partnership with ReNew Power, the leading company in the country's renewable energy space. This remarkable project is the first step of our great journey putting the technical expertise and financial capability of both companies together. GS E&C and ReNew Power will continue to play an important role achieving the country's ambitious target for the transition to cleaner energy" Huh Yun Hong, the president and head of new business division of GS E&C said in a media statement.