ReNew, Korean firm in JV for Rajasthan project
NEW DELHI : ReNew Power Ventures Pvt. Ltd has formed a joint venture with South Korea-based engineering, procurement, and construction (EPC) firm GS E&C to build a 300 megawatt solar power plant in Rajasthan, according to a joint statement released by the companies on Wednesday.
The alliance comes even as India’s clean energy sector faces several challenges, such as the Andhra Pradesh government’s decision to renege on contracts signed by the previous government and delayed payments by state utility boards, which has brought the working capital cycles of generators under stress. ReNew Power will have a 51% stake in the JV, while GS E&C will own the rest.
GS E&C’s entry into India’s renewable energy sector also comes at a time that ReNew Power is putting 300MW of solar assets on sale, Mint reported on 7 October.
