Renew, Gentari form JV for 5GW of RE capacity in India.

ReNew Energy Global (ReNew) recently said that its subsidiary will form an equal partnership joint venture (JV) with Gentari Renewables India to tap clean energy solutions.

ReNew through its subsidiary ReNew Power, and Gentari through its subsidiary Gentari Renewables India have executed key terms to collaborate on a 50:50 JV in clean energy solutions, ReNew said.

“As part of this proposed JV, Gentari and ReNew will collaborate to explore investments into the development of renewable assets including solar, wind and energy storage, to achieve a target of 5 gigawatts (GW) in renewable energy (RE) capacity,” it added.

The collaboration between the parties follows Gentari’s initial investment for a 49 per cent equity stake in ReNew’s 403 Megawatt (MW) peak power project in May this year, ReNew said.

Gentari Renewables India is a subsidiary of Malaysian clean energy solutions provider Gentari. Part of Malaysia’s state-owned oil and gas major Petroliam Nasional Berhad or Petronas, Gentari has three core portfolios - renewable energy, hydrogen and green mobility.

As partners, Gentari and ReNew can accelerate their decarbonisation objectives, enabling Gentari to make substantial progress in expanding its renewable energy portfolio and achieving its global ambition to build over 30 GW in renewable energy capacity by 2030.

For ReNew, this partnership ties in with its strategy of collaborating with long-term partners, accelerating renewable energy transition and meeting its net zero target by 2040.

Last week, ReNew said that it has signed memorandums of understanding (MoUs) worth ₹64,000 crore, or $7.9 billion, with central government’s power project financing arms, PFC and REC, for its green energy projects.

HBL