ReNew Power, yesterday announced a joint venture partnership with South Korea-based GS E&C for execution of its 300 MW solar power plant in Rajasthan.
The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.
GS E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion. This investment will mark the entry of GSE&C in the Indian renewable energy sector.
As a construction and development arm of GS group, earlier part of LG group, GS E&C was established in 1969 and is one of the Korea’s largest engineering contractor & developer.
ReNew Power will hold a majority 51% equity under the partnership, while the balance will be held by GS E&C.
ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner making it India’s largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity.
It is now the eleventh largest renewable energy company in the world (ex-China), with assets valued at over $6.5 billion.
Reference- Business Standard, Economic Times, Financial Express