ReNew Wind Power has been started by Sumant Sinha, former chief operating officer of Suzlon Energy. ”This deal reinforces our commitment to develop sustainable energy solutions for India. Goldman Sachs’ global experience and network in the alternative or clean technology industry will provide us with additional momentum. Our vision is to be the leading renewable energy generation company in India,” says Sinha, ReNew Wind Power chairman and chief executive officer.
SaVant Advisers was the financial adviser to ReNew Wind Power. The company has signed business framework agreements with Kenersys GmBH, Regen Powertech Pvt and Suzlon Energy Ltd to establish and operate wind farm plants throughout India and will expand its wind portfolio by 200-300 megawatts annually.
At present, ReNew Wind Power has several wind farm projects under development, including a 25 megawatts wind farm in Gujarat and 60 megawatts wind farm in Maharashtra. By 2015 the company aims to reach a 1 gigawatt capacity.
”This investment underscores Goldman Sachs’ continued commitment to India and support for the country’s clean energy needs. ReNew Wind Power stands out as an example of Indian entrepreneurial excellence and 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 Asia at Goldman Sachs said.
According to Sinha, ReNew Wind Power’s mission is to play a pivotal role in meeting India’s growing energy needs in an efficient, sustainable and socially responsible manner.
It hopes to become a leading renewable energy independent power producer (IPP) in India by tapping the large wind and solar power potential in the country and creating a high quality and sustainable business.
Sinha says the company will also look at expanding its operations into alternative energy sources like biomass and hydro in diverse locations, for which it has built a highly qualified team with significant operating expertise who deeply understand the dynamics of the renewable business.
Globally, Goldman Sachs has invested over $1.5 billion in alternative or clean energy-related companies, including Horizon Wind Energy and Nordex AG. Horizon Wind Energy is a Houston-based, leading wind power company that develops, constructs, owns and operates wind farms throughout North America. Nordex AG is developer and manufacturer of multi-megawatt wind turbines based in Germany.