ReNew Power forms JV with Korean co for 300 MW solar power plant in Rajasthan

ReNew Power has entered into a joint venture with South Korea based GS E&C for the implementation of its 300 MW solar power plant in Rajasthan. This is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions that took place earlier this year, according to the company's statement.

GS E&C is among the South Korea's largest construction and development companies and is part of the GS Group, with an asset base of over US$ 58 billion. The company is entering the Indian renewable energy sector with this investment. According to the partnership between the companies, 51 per cent equity will be held by ReNew Power, while the GS E&C will hold the balance.

ReNew Power's Chairman & MD Mr 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."

"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," Mr Huh Yun Hong, the president and head of the new business division of GS E&C said.

The ReNew Power has crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner recently. The asset value of the ReNew is over US$ 6.5 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.