Korea-based GS E&C Enters Renewable Energy Sector in India

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  • The company has entered India through a collaboration with ReNew Power
  • Renew Power will hold a majority 51 per cent equity under the partnership, while the balance will be held by GS E&C

Renew Power Private Limited (ReNew Power), one of India’s renewable energy independent power producers, has announced a joint venture partnership with South Korea based GS E&C. The duo will be working on the execution of Renew Power’s 300 MW solar power plant in Rajasthan.

“We are pleased to take part in the national solar mission of India in partnership with ReNew Power, the leading company in the country’s renewable energy space. This remarkable project is the first step of our great journey putting the technical expertise and financial capability of both companies together,” Huh Yun Hong, the president and head of new business division of GS E&C said in a media statement.

Renew energy to hold 51 per cent equity under the partnership

Renew Power, as per the partnership agreement, will hold a majority 51 per cent equity under the partnership. The balance will be held by GS E&C. The project, that the duo is working on, is a part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.

“We are delighted to be partnering with GS E&C for this project, as both Renew Power and GS E&C are not only leaders in their respective businesses, but also bring excellent project execution and management skills. I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together,” noted Sumant Sinha, Renew Power’s chairman & MD.

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“GS E&C and Renew Power will continue to play an important role achieving the country’s ambitious target for the transition to cleaner energy,” added Huh Yun Hong.

GS E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion.

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