Jera picks up 10% in ReNew Power for $200m

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NEW DELHI: Japanese energy supply chain firm Jera Co has picked up a 10% strategic stake in ReNew Power for $200 million, or aboutRs 1,340 crore, valuing the Gurgaon-based solar and wind energy company at $2 billion.

“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,” Jera president Yuji Kakimi said in a release on Tuesday.

The investment marks Jera’s entry into India’s energy sector. Jera, an equal joint venture of utilities Tokyo Electric Power Co and Chubu Electric Power Co, is the world’s largest importer of liquefied natural gas (LNG) and operates 6GW energy assets across North America, the Middle East and South East Asia.

ReNew Power has so far raised $650 million in equity from Goldman Sachs, ADB and ADIA. It has drawn $1.5 billion of debt so far, its chairman Sumant Sinha said.

The company will continue to focus on developing sustainable and innovative solar and wind energy solutions and investing in highquality projects, he said.
ReNew Power has a commissioned capacity of 1.5GW with an additional 1.8 GW of assets under construction across India.