GS and ReNew to install 300 MW of solar capacity in India
- ReNew Power gets a 51-percent stake of the project, while the Korean contractor will hold the remaining 49 percent. The project has been won during the tranche-IV tender held by SECI in 2019.
The Indian renewable energy company is planning to deploy a new photovoltaic project in Rajasthan, India. South Korea’s GS Engineering & Construction will be contracted for creation of the 300-megawatt solar facility.
The project was won by ReNew Power in the 2019 tender held by Indian Solar Energy Corporation. ReNew is the first Indian power producer that has installed over 5 gigawatts of green projects. As for Korean GS, this will be the company’s first clean-energy venture in India.
The South Korean contractor refers to the project as the initial step of the long journey, combining the financial capacity and technical experience of the two companies. Both firms will help India achieve its ambitious goal of shifting toward green power.
ReNew has already installed 5 gigawatts of solar capacity. The latest company’s project has been the 250-megawatt PV facility in the state of Rajasthan. The solar developer is planning to install 3 gigawatts more during the coming year and a half. The project is expected to be built in 2 phases, the first of which is scheduled for commissioning in about half a year from now.
A few major investors support the Indian company. Among them are GEF, CPP Investment Board, ADIA, Goldman Sachs Group, as well as Chuden and Toden joint venture – Japan's Energy for A New Era.
