ReNew Power, South Korea’s GS E&C to build 300 MW of PV in India

The Indian developer will hold a 51% stake in the venture, with Seoul-based GS E&C taking the remainder. The capacity was awarded under Solar Energy Corp. of India’s tranche-IV auction earlier this year.

From pv magazine India

ReNew Power has announced plans to build a 300 MW solar power plant with South Korean contractor GS E&C in the Indian state of Rajasthan.

The Indian company – the country’s first developer to install more than 5 GW of renewables – won the capacity under an auction held earlier this year by Solar Energy Corp. of India (SECI). The project will mark GS E&C’s first foray into the Indian renewable energy sector.

“This remarkable project is the first step of our great journey putting the technical expertise and financial capability of both companies together. GS E&C and ReNew Power will continue to play an important role achieving the country’s ambitious target for the transition to cleaner energy,” said Huh Yun Hong, president and head of new business at GS E&C.

ReNew Power recently crossed the 5 GW installation mark with the commissioning of a 250 MW solar plant in Bikaner, Rajasthan. Managing Director Sumant Sinha said the company plans to add another 3 GW of PV capacity in two phases over the next 18 months. Around 1.5 GW of that will be commissioned by the middle of next year, Sinha claimed.

The Gurugram-based developer is backed by investors such as Goldman Sachs, the Abu Dhabi Investment Authority, the Canada Pension Plan Investment Board,  the Global Environment Fund, and JERA, a joint venture between Japanese utilities Tokyo Electric Power and Chubu Electric Power.

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