ReNew Wind Power, a renewable energy independent power producer (IPP), has received a Rs1,000 crore investment from global investment bank Goldman Sachs, making it the largest investment in India's renewable energy generation sector.
ReNew Wind Power has been started by Sumant Sinha, former chief operating officer of Suzlon Energy.
''This deal reinforces our commitment to develop sustainable energy solutions for India. Goldman Sachs' global experience and network in the alternative or clean technology industry will provide us with additional momentum. Our vision is to be the leading renewable energy generation company in India,'' says Sinha, ReNew Wind Power chairman and chief executive officer.
SaVant Advisers was the financial adviser to ReNew Wind Power.
The company has signed business framework agreements with Kenersys GmBH, Regen Powertech Pvt and Suzlon Energy Ltd to establish and operate wind farms throughout India and will expand its wind portfolio by 200-300 megawatts annually.
At present, ReNew Wind Power has several wind projects under development, including a 25 megawatts wind farm in Gujarat and 60 megawatts wind farm in Maharashtra. By 2015 the company aims to reach a 1 gigawatt capacity.
''This investment underscores Goldman Sachs' continued commitment to India and support for the country's clean energy needs. ReNew Wind Power stands out as an example of Indian entrepreneurial excellence and we look forward to teaming with the management, both financially and operationally, to help the company become a leader In India's renewable energy sector,'' Ankur Sahu, co-head of private equity in Asia at Goldman Sachs said.