The Gurgaon-based renewable energy developer is buying the renewable energy division of KC Thrapar Group — a group of companies with a history in the coal sector.
ReNew, which is backed by Goldman Sachs, is on a buying spree in India’s renewables sector, spurred by the government’s push to secure 60% of India’s power from non-fossil fuels-based sources by 2027.
The plan includes building 60-gigawatts of wind power in the next five years, nearly double last year’s installed capacity.
ReNew’s latest acquisition includes KC Thrapar Group’s three wind plants with a capacity of 103-megawatts.
ReNew earlier this year raised $200 million from Japan-based JERA Co. Other investors include the Abu Dhabi Investment Authority, Asian Development Bank and Global Environment Fund.