2030 Finance | November 28, 2017

ReNew Power buys $154 million in Indian wind projects

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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.