The deal — valued at $200 million, according to the The Economic Times — is Tokyo-based Jera’s first acquisition in the renewables sector.
“(It) signifies the importance to Jera of developing a balanced overseas power generation portfolio that includes renewable energy,” it said in an online statement. “Adding to its renewable energy portfolio is an integral part of Jera’s plans.”
The company said it will bring its experience in project development to the table and will share its technical, operational and management expertise with ReNew.
Last April, Gurgaon-based ReNew Power — which is backed by Goldman Sachs and the Abu Dhabi Investment Authority (ADIA) — announced that its solar and wind installations in India had surpassed 1 GW.
It now operates 1.5 GW of energy assets, with 1.8 GW of capacity under construction.
In March 2016, it won 522MW of capacity in a 1.2GW solar tender in the Indian state of Jharkhand.
And last month, the company obtained $390 million in multilateral financing from the Asian Development Bank (ADB) and the Japan International Cooperation Agency’s LEAP fund to build 398MW of solar capacity in Jharkhand and the state of Telangana, as well as 311 MW of wind capacity.
With Jera’s investment, ReNew Power is now valued at roughly $2 billion, according to Indian media reports.