GOLDMAN Sachs has agreed to invest up to £130m in an Indian renewable energy start-up, as the US bank looks to cash in on the demand for energy in the world's second-fastest growing major economy.
It will be the single largest investment into India’s renewable energy sector, Goldman and ReNew Wind Power said in a statement yesterday.
ReNew, founded six months ago by Sumant Sinha, a former chief operating officer of Suzlon Energy, the world's fifth-largest wind turbine maker by capacity, currently has several wind projects under development.
India is in desperate need for energy for its economy to expand and has turned increasingly to renewables to make up for the shortfall from conventional sources.
The sector currently accounts for six per cent of the total power mix.
ReNew plans to expand its wind portfolio by 200-300 megawatts annually and said it expects to reach capacity of one gigawatt by 2015.
Goldman has invested more than $1.5bn in clean energy-related companies, including in Horizon Wind Energy, part of Portugal's utility firm EDP, and Germany’s wind turbine maker Nordex AG.