ReNew Wind Power to raise $201 Million
Date: Thursday , October 06, 2011
ReNew Wind Power will raise $201 million from the private equity arm of Goldman Sachs Group. This will be the single largest investment in India's renewable energy sector. The company plans to set up 200-300 MW of wind-based power capacity every year and have 1,000 MW of capacity by 2015. They are currently developing a 25 MW wind farm in the western state of Gujarat and a 60 MW farm in Maharashtra.
Sumant Sinha established ReNew Wind Power six months ago and is currently the Chairman and the CEO of the company. From 2008 to 2010, he was the COO of Suzlon Energy that is world's third largest renewable energy company. Prior to joining Suzlon, Sinha set up the Aditya Birla Group's venture in the retail sector in India and was its founder CEO. From 2002 to 2007, he was the Group CFO of the Aditya Birla Group.
Sinha has expertise in finance, business strategy, turn-arounds, start-ups and climate change issues. He has a B.Tech from the IIT, and MBA from IIM and a Masters degree from Columbia University's School of International and Public Affairs. The U.S. investment bank is betting big on the sector in the world's second fastest growing major economy, and the government is promoting the sector by providing fiscal incentives including tax concessions.