ReNew Power, an independent Indian power producer, has established a joint venture with Gentari Renewables India, an Indian subsidiary of Gentari Malaysia, with the goal of producing 5GW of new renewable energy capacity.

The 50:50 partnership will seek opportunities for solar, wind, and energy storage assets across India, following Gentari's previous purchase of 49% stake in Renew's 403MW peak power photovoltaic project. We are pleased to engage in this strategic partnership with Renew as it has great potential to accelerate the development of renewable assets in India, "said Sushil Purohit, CEO of Gentari. The company plans to develop 30GW of renewable energy globally by 2030.

Sumant Sinha, founder, chairman and CEO of ReNew, stated that this partnership is crucial for developing innovative solutions, which will make a significant contribution to India's 2030 goal of achieving 500GW of renewable energy installed capacity.

In April, Renew Power raised $400 million to support its growth and refinance existing debt. Gentari, a subsidiary of oil giant Petronas, signed an agreement with French fossil fuel giant TotalEnergies last month to develop a 100MW solar energy project in Queensland, Australia.Editor/XingWentao