In this News Flash: ReNew Power forms a joint venture with Gentari Renewables targeting 5GW in renewable energy in India. Capital Energy plans to sell its 4.3GW portfolio of onshore wind and solar project in Spain along with 48 projects that are ready for construction. RES, the world's largest independent renewable energy company, will acquire Ingeteam's Renewable Service division.



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News Flash 7 August 2023



Allen Hall: I'm Allen Hall and I'm here with my Uptime co-host, Joel Saxum and this is your News Flash. ReNew Power and Gentari Renewables India are forming a 50/50 joint venture in clean energy solutions. The joint venture aims to achieve a target of five gigawatts in renewable energy capacity in India, focusing on solar, wind, and energy storage.



Gentari Renewables India is a subsidiary of Malaysian clean energy solutions provider, Gentari, which is part of Malaysia's state owned oil and gas major Petronas. Gentari's initial investment for a 49% equity stake in ReNew's 403 megawatt Peak Power Project in May, 2023, led to this collaboration. So Joel, this is a, a, a, a really unique collaboration in India for renewable power. ReNew is, is just a huge renewable energies company, and Gentari is headed that way. So this is fascinating where two really powerful companies are joining forces again to increase their scale. 



Joel Saxum: Yeah. You know, in India there's a lot of different regions that have really good wind resource.



So as, as Rosemary talks about on the show a lot is that, you know, if you have wind resource, it's all tied together. You know the wind blows the same. If the wind shuts down, it shuts down for the whole region. That's problematic. In India, they don't have that problem. So they have a lot of different regions and, and as we know plagued for power production there in India.



So this is great for the country of India and the, the economy over there as well to have a couple of big players invest in some money and build some assets. 



Allen Hall: So the partnership with Gentari will expand ReNew's energy portfolio and they're planning on having 30 gigawatts of renewable energy capacity by 2030.



So that's pretty massive. Over in Spain, spanish based renewable energy investor, Capital Energy plans to sell a portfolio of 4.3 gigawatts of onshore wind and solar power plants in Spain. The portfolio is estimated to be upwards of 1 billion US dollars, but you know, it's subject to due diligence of the projects, obviously.



The sale known as Project One includes 48 projects ready for construction within 15 months, and a couple other solar sites of, of almost about a gigawatt. So there's a lot of assets in this that Capital Energy is planning to sell. Again, Joel, it seems like a lot of existing renewable energy providers are selling their existing portfolio to move to the next generation of portfolios.



Yeah. 



Joel Saxum: Taking that capital and reallocating it. Right. So they, these, these wind farms are up and running. They're good to go. But this is a little bit different because Capital Energy here is also selling some of their pipeline. So the, the pipeline of construction projects ready for you know, getting, getting closer to shovel ready.



And that's something different than we've seen in the US right? When we saw, say Duke Energy sell their assets.