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Goldman infuses Rs1,000 crore in ReNew Wind Power

Goldman infuses Rs1,000 crore in ReNew Wind Power
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First Published: Mon, Sep 26 2011. 02 35 PM IST
Updated: Mon, Sep 26 2011. 02 35 PM IST
New Delhi: The private equity arm of Goldman Sachs will invest up to Rs1,000 crore ($202 million) in an Indian renewable energy start-up, as the US investment bank bets big on the sector in the world’s second-fastest growing major economy.
It will be the single largest investment in India’s renewable energy sector, Goldman and ReNew Wind Power said in a joint statement.
“All I can say right now is that it will be a majority stake,” ReNew chief executive Sumant Sinha told Reuters.
“This investment in a volatile market environment is a testimony to their (Goldman’s) very strong belief in the opportunity in the sector,” he said.
Sinha, a former chief operating officer of Suzlon Energy , the world’s fifth-largest wind turbine maker by capacity, founded ReNew about six months ago.
Energy-hungry India has a peak-hour power deficit of about 14%. The renewable sector comprises 6% of the total power mix.
Goldman has invested more than $1.5 billion in alternative and clean energy-related companies, including in Horizon Wind Energy, a unit of Portugal’s main utility EDP , and German wind turbine maker Nordex AG , the joint statement said.
The Mumbai-based start-up expects to reach capacity of 1 gigawatt by 2015 and plans to expand its wind portfolio by 200-300 megawatts annually, the company said.
ReNew’s projects under development include a 25 megawatts wind farm in Gujarat state and 60 megawatts wind farm in neighbouring Maharashtra.
ReNew was advised by SaVant Advisers for the Goldman deal.
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First Published: Mon, Sep 26 2011. 02 35 PM IST
More Topics: Goldman Sachs | Wind power | Deal | Equity | ReNew |