Gurgaon-based ReNew has signed a 50:50 joint venture with Gentari, a green energy company of Malaysian energy major Petronas.
Under the proposed joint venture, Gentari and ReNew will explore investments for the development of renewable assets, including solar, wind and energy storage, totalling 5GW in India.
In May this year, Gentari picked up a 49 per cent equity stake in ReNew's 403 MW peak power project.
Gentari is looking to build close to 30 GW in renewable energy capacity by 2030.
"We are elated to embark on this strategic collaboration with ReNew, as it holds tremendous potential for accelerating the development of renewable assets in India,” said Sushil Purohit, chief executive officer (CEO) of Gentari.
Sumant Sinha, founder, chairman and CEO of ReNew said: “This partnership will be crucial in developing innovative solutions which will contribute significantly to India’s 2030 goal of achieving 500 GW of installed renewable energy capacity.”