Earlier this month, ReNew Power Ventures Limited became India’s largest renewable energy developer following the acquisition of another renewable energy developer. Canadian pension funds had a major role in this landmark transaction.

The Canada Pension Plan Investment Board (CPPIB) invested $247 million in ReNew Power to support the acquisition of Ostro Energy. This is the second investment made by CPPIB in ReNew Power. CPPIB had acquired an unknown equity share in the company with an investment of $144 million in January 2018.

Ostro Energy has a total capacity of over 1,100 megawatts and would increase ReNew’s total portfolio to more than 5,600 megawatts. ReNew has expanded its presence across utility solar, rooftop solar and wind energy segments in India.

Becoming the largest renewable energy developer in a highly competitive market like India is no mean feat, especially for ReNew Power. The company was established in 2011 by Sumant Sinha, a former employee of wind energy giant Suzlon Energy. In this short period of time the company has been able to attract investments from Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank and Global Environment Fund, and JERA.

The company has announced a commitment to have 6.5 gigawatts of solar and 5 gigawatts of wind energy capacity operational by around 2022. In order to achieve these ambitious opportunities the company is actively and aggressively participating in solar and wind energy auctions at the central as well as the state level in India.

Earlier this year, the company made a commitment to invest $2 billion in the southern state of Andhra Pradesh to set up 1 gigawatt capacity each of solar and wind energy capacity. It also pledged $2.15 billion investment in the state of Maharashtra to develop solar, wind, and waste-to-energy projects. The company also plans to invest $1.84 billion in the state of Uttar Pradesh to set up 1 gigawatt of solar power and 200 megawatts of waste-to-energy power plants.

Source: Clean Technica