Goldman Sachs invests $202m in India's ReNew Wind Power

The size of Goldman's stake has not been disclosed.

ReNew Wind Power was founded last year by CEO Sumant Sinha, who is the former COO of global wind turbine major Suzlon Energy. ReNew will use the capital to set up a 85MW wind facility in Gujarat and Maharashtra by March of next year, and will fund its goal to expand its production by 200-300MW a year.

India is the third-biggest market for new wind park installations after China and the US, of which the largest is Suzlon. Suzlon, which last year was said to be in talks with parties including TPG Capital to sell a 25% stake in its REpower subsidiary, set up 41% of new capacity in the last financial year, Bloomberg reported. The company is the fifth-largest turbine manufacturer globally by capacity.

India on the whole looks boost its wind energy capacity by 2,400MW by the financial year's close on March 31 next year. It had 14,723MW as of July. Private equity has played a role in meeting this goal. Recent movements in the industry includes specialist investment firm Infrastructure India's planned takeover bid for independent power firm Indian Energy and IFC's investment into Simran Wind Project.

GS has invested $1.5 billion in clean energy companies worldwide to date, and has invested more than $2 billion in private equity funds in India since 2006.

"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, Goldman's co-head of private equity in Asia, publicly said.

Sahu relocated to India from Japan earleir this year when the investment bank reorganized its regional private equity business, combining three eparate geographies into a single division.

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• Topics
• Cleantech
• South Asia
• Goldman Sachs
• Cleantech
• India