Ja­pan’s Jera Picks Up 10% in Re­New Power for $200 m

The in­vest­ment marks Jera’s en­try into In­dia’s en­ergy sec­tor

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

New Delhi: Ja­panese en­ergy sup­ply chain firm Jera Co has picked up a 10% strate­gic stake in Re­New Power for $200 mil­lion, or about ₹ 1,340 crore, valu­ing the Gur­gaon­based so­lar and wind en­ergy com­pany at $2 bil­lion. “As a Re­New Power share­holder, we will seek to con­trib­ute to the com­pany by mak­ing avail­able tech­ni­cal, op­er­a­tional, pro­ject de­vel­op­ment, and man­age­ment ex­pe­ri­ence gained through our global power busi­nesses,” Jera pres­i­dent Yuji Kakimi said in a re­lease on Tuesday. The in­vest­ment marks Jera’s en­try into In­dia’s en­ergy sec­tor.

Jera, an equal joint ven­ture of util­i­ties Tokyo Elec­tric Power Co and Chubu Elec­tric Power Co, is the world’s lar- gest importer of liq­ue­fied nat­u­ral gas (LNG) and op­er­ates 6 GW en­ergy as­sets across North Amer­ica, the Mid­dle East and South East Asia. Re­New Power has so far raised $650 mil­lion in eq­uity from Gold­man Sachs, ADB and ADIA. The com­pany has drawn $1.5 bil­lion of debt so far, its chair­man Su­mant Sinha said. The com­pany will con­tinue to fo­cus on de­vel­op­ing sus­tain­able and in­no­va­tive so­lar and wind en­ergy so­lu­tions and in­vest­ing in high-qual­ity projects, he said. Re­New Power has a com­mis­sioned ca­pac­ity of 1.5GW with an ad­di­tional 1.8 GW of as­sets un­der con­struc­tion across In­dia.

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