ReNew Power has signed a definitive pact to acquire Regent Climate Connect Knowledge Solutions Pvt Ltd (Climate Connect), a specialist in artificial intelligence (AI) and machine learning (ML) thus entering into energy management services space.
Startup Climate Connect was co-founded by Nitin Tanwar and Sanand Sule, alumni of the University of Cambridge, UK, and the Indian Institute of Technology (IIT) Mumbai, India respectively, with a shared vision to reduce energy costs and modernize power grids using AI-and-ML.
The move is expected to not only add to ReNew’s digital capabilities but also allow it to offer a suite of digital product offerings to customers across the energy value chain.
The company is planning to operate Climate Connect as an independent company that will continue to focus on the digital aspects of the business and develop digital products and software development processes.
The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground; the next wave will come through the development of digital products that help optimize power-flow from generators to distribution companies to customers.
Notably, ReNew Power, NLC India, and Azure Power emerged as the top utility-scale solar project developers in India in terms of installed capacity in the calendar year 2019.
Together, these three developers accounted for nearly 35% of total large-scale installations in 2019.
Reference- Mercom India, Economic Times, Business Standard