Goldman Sachs invests Rs763 crore in ReNew Power
05 Jun 2013
A private equity fund run by Goldman Sachs has invested Rs763 crore ($135 million) in independent power producer ReNew Power Pvt Ltd, making it the largest investment in India's renewable energy generation sector.
The investment comes two years after the New York-based bank's private equity arm invested Rs1,000 crore ($200 million) in ReNew Power.
Founded in 2011 by Sumant Sinha, Mumbai-based ReNew Power has installed capacity of 200 MW and aims to have 1gigawatt capacity by 2015.
Currently, ReNew Power has several wind projects under development, and a fully operational 25 megawatts wind farm in Gujarat and 60 megawatts wind farm in Maharashtra.
India has the fifth largest installed wind power capacity in the world and the Indian government has prioritised the addition of 244GW of new energy generation capacity by 2020, of which more than 75GW will has to come from renewable sources.
The majority of additional renewable capacity is expected to come from wind, and may add 15GW in the next four years. The next most contributing source is solar, which is expected to add approximately 4GW in the next five years.
Goldman Sachs has invested $4.3 billion in clean-energy projects last year, according to the company's website.
