India's burgeoning renewable energy market was underlined this week after investment bank Goldman Sachs announced that it is to shell out $200m to acquire a majority stake in ReNew Wind Power Pvt.
The companies confirmed a deal worth 10bn rupees that will give Goldman Sachs a controlling stake in the Mumbai-based wind farm developer.
Sumant Sinha, chairman and chief executive of ReNew, told news agency Bloomberg that the company will invest the money from the sale “on an opportunistic basis” in a wide range of projects.
ReNew expects to have its first 85MW of wind energy capacity operating by next June as a result of a 25MW wind farm in the western state of Gujurat and a 60MW development in Maharashta.
The company also has partnership agreements in place with Indian turbine manufacturer Suzlon and Germany's Kenersys GmbH and Regen Powertech Pvt, and plans to build between 200MW and 300MW of capacity each year through to 2015.
ReNew is one of a number of developers keen to take advantage of India's booming wind energy market as a result of government plans for a major expansion in renewable energy capacity.
Source: Business Green