By: Nina Pablo
Source: www.theasset.com
Goldman Sachs’ investment arm has signed a deal to invest 10 billion rupees (USD201 million) to acquire a majority stake in Indian wind power company, ReNew Wind Power Pvt. Ltd., making this one of the single largest investments in India’s alternative energy industry.
Sumant Sinha, ReNew Wind chairman and chief executive officer, has indicated that most of the funds will go into project acquisition and capital expenditure. The company has disclosed plans to build up to 1,000 megawatts of wind power capacity by 2015 by expanding by 200 to 300 megawatts each year. This is seen as an apt move in energy-insufficient India, whose demand for power outstrips supply by about 10.3 percent.
It has indicated on its website that it “will also look at expanding its operations into alternative energy sources like biomass and hydro in diverse locations” in the future.
Sinha left his former job as chief operating officer at Suzlon Energy, one of the leading wind turbine manufacturing groups in the world, and started up ReNew Wind six months ago. He also founded Savant Advisors, aninvestment banking and consulting firm, which advised ReNew Wind for the deal.
Goldman has so far invested over USD1.5 billion in alternative energy companies all over the world. Among its major investments are wind company Horizon Wind Energy in Texas; Missouri-based renewable fuel developer Changing World Technology and Nordex, a German wind turbine manufacturer. Goldman also has partnerships with BP Solar and Shell Wind Energy.
Source: http://www.theasset.com/article/20500.html
Source: www.theasset.com
Goldman Sachs’ investment arm has signed a deal to invest 10 billion rupees (USD201 million) to acquire a majority stake in Indian wind power company, ReNew Wind Power Pvt. Ltd., making this one of the single largest investments in India’s alternative energy industry.
Sumant Sinha, ReNew Wind chairman and chief executive officer, has indicated that most of the funds will go into project acquisition and capital expenditure. The company has disclosed plans to build up to 1,000 megawatts of wind power capacity by 2015 by expanding by 200 to 300 megawatts each year. This is seen as an apt move in energy-insufficient India, whose demand for power outstrips supply by about 10.3 percent.
It has indicated on its website that it “will also look at expanding its operations into alternative energy sources like biomass and hydro in diverse locations” in the future.
Sinha left his former job as chief operating officer at Suzlon Energy, one of the leading wind turbine manufacturing groups in the world, and started up ReNew Wind six months ago. He also founded Savant Advisors, aninvestment banking and consulting firm, which advised ReNew Wind for the deal.
Goldman has so far invested over USD1.5 billion in alternative energy companies all over the world. Among its major investments are wind company Horizon Wind Energy in Texas; Missouri-based renewable fuel developer Changing World Technology and Nordex, a German wind turbine manufacturer. Goldman also has partnerships with BP Solar and Shell Wind Energy.
Source: http://www.theasset.com/article/20500.html
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