Renewable power producer ReNew Energy Global and clean energy solutions firm Gentari plan to launch a joint venture (JV) in equal partnership for 5 GW renewable energy capacity in India, including solar, wind and energy storage technologies. 

While ReNew is participating in the JV through its subsidiary ReNew Power, Gentari is part of the collaboration via Gentari Renewables India. In a brief announcement, the duo said they have executed key terms to cooperate on the venture. This investment from Gentari follows the company’s acquisition of a 49% equity stake in ReNew’s 403 MW peak power project in May 2023.   

 ReNew said this partnership is aligned with its strategy of collaborating with long-term partners to meet its 2040 net zero target. NASDAQ-listed ReNew’s gross clean energy portfolio consisted of around 13.7 GW as of March 31, 2023. Recently, the company raised $7.8 billion from state lenders PFC and REC in India to implement its new projects, including PV manufacturing initiatives (see India PV News Snippets).  

A subsidiary of Malaysia’s state-owned oil and gas major Petronas, Gentari was set up in June 2022 to build 30 to 40 GW of renewable energy capacity by 2030, with utility-scale solar and wind projects targeted in Malaysia and Asia Pacific. It was previously called Petronas Gas and New Energy (see Petronas Launches New Clean Energy Firm).  

Earlier this month, Gentari entered into memorandums of understanding (MoU) with Sembcorp Industries to expand its renewables footprint in Southeast Asia, and with Keppel to explore renewable and low-carbon energy projects, along with electric vehicles domain in the region.