Two of Japan’s largest utilities have bought a 10% stake in Indian renewable firm ReNew Power.
JERA, set up in 2015, is a joint venture between Tokyo Electric Power and Chubu Electric Power and operates around 6GW of energy assets across North America, the Middle East and South East Asia.
The investment marks its first entry into India’s energy sector.
Yuji Kakimi, JERA President said: “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.”
ReNew Power claims it was the first company in India to achieve 1GW of commissioned wind and solar energy capacity last April.
It has an additional 1.8GW of assets under construction across the country.