ReNew Power has partnered up with South Korean firm GS E&C for the execution of its 300 MW solar power plant in Rajasthan.
ReNew Power has announced that it has partnered up with South Korean firm GS E&C for the execution of its 300 MW solar PV power plant in Rajasthan. GS E&C is South Korea’s leading construction and development firm and is part of the GS Group, with an asset base of over USD 58 billion.
The firm has announced a joint venture partnership with South Korea based firm in this regard, a company statement said. Under the JV, ReNew Power will hold a 51 percent equity under the partnership, while the balance will be held by GS E&C.
“I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together,” ReNew Power’s Chairman and MD Sumant Sinha said.
The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.
This partnership will mark the entry of GS E&C in the Indian renewable energy sector. “GS E&C and ReNew Power will continue to play an important role achieving the country’s ambitious target for the transition to cleaner energy,” said Huh Yun Hong, the president and head of the new business division of GS E&C.
ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner. It has assets valued at over USD 6.5 billion.
In October, Sinha had announced that the company had successfully commissioned a 250 MW solar power plant in Bikaner, Rajasthan. In a tweet, he wrote that “on this auspicious day of Diwali, with the commissioning of our 250 MW solar project in Bikaner, ReNew Power crossed 5,000 MW of commissioned capacity. We are the first company in India and the 11th globally (excluding-China) to achieve this milestone.”
In a second tweet, Sinha thanked his team for achieving this milestone in a period of 8 years.