According to reports, renewable energy start-up ReNew Wind Power Pvt Ltd, founded by prominent deal-maker and former Suzlon Energy COO Sumant Sinha, has received Rs 1,000 crore or $200 million from Goldman Sachs in one of the biggest private investment deals in the renewable energy sector in India.
ReNew Wind Power has several wind projects under development, including a 25 MW wind farm in Gujarat and a 60 MW wind farm in Maharashtra. It plans to expand its wind power portfolio by 200-300 MW annually and aims to hit 1 GW (gigawatt) capacity by 2015. The company has inked business frameworks with Kenersys GmbH, Regen Powertech Pvt Ltd and Suzlon Energy Ltd to establish and operate wind farms throughout India.
“This deal reinforces our commitment to develop sustainable energy solutions for India. Goldman Sachs’ global experience and network in the alternative/clean technology industry will provide us with additional momentum,” said Sumant Sinha, chairman and CEO of ReNew Wind Power.
SaVant Advisers, which is, incidentally, the boutique investment banking and financial advisory firm floated by Sinha last year, was the exclusive financial adviser to ReNew Wind Power.
This is one of the single largest PE deals in the renewable energy sector in India. Although other firms like Moser Baer Photo Voltaic have attracted similar investments, they have done so over multiple rounds of funding.
“This investment underscores Goldman Sachs’ continued commitment to India and support for the country’s clean energy needs. 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 Goldman Sachs Asia commented on the investment.