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Goldman Agrees to Buy India’s ReNew Wind for $200 Million

Goldman Sachs Group Inc. agreed to acquire a majority stake in India’s ReNew Wind Power Pvt. for 10 billion rupees ($200 million), extending the U.S. bank’s investments in emerging economies.

ReNew Wind plans to have 1,000 megawatts of wind-generation capacity by 2015, the companies said today in an e-mailed statement. The Mumbai-based power producer, founded by Sumant Sinha, a former chief operating officer of Suzlon Energy Ltd., India’s largest wind-turbine maker, expects to have its first 85 megawatts operating by June.

Indian wind-power companies are raising money to fund their expansion as the nation plans to add 2,400 megawatts of wind energy capacity in the financial year ending March 31 and had 14,723 megawatts as of July.

ReNew Wind will invest the money in renewable energy and acquire projects “on an opportunistic basis,” Chairman and Chief Executive Officer Sinha said in a telephone interview. He said Goldman’s investment will be made over time.

New York-based Goldman has invested $1.5 billion worldwide in clean energy companies, the statement said. India, the biggest market for new wind park installations after China and the U.S., is dominated by Ahmedabad-based Suzlon, which installed 41 percent of new capacity in the last financial year.

Goldman will have representatives on ReNew Wind’s board and the company may consider trading publicly in the future, Sinha said. “There are no listing plans in the near future but several years down the road, that could be the exit possibility” for an investor.

Annual Targets

ReNew Wind Power plans to expand its capacity by 200 to 300 megawatts annually, according to today’s statement. The company has signed agreements with Suzlon, Germany’s Kenersys GmbH and Regen Powertech Pvt. to build and operate wind farms in India, according to the report.

The U.S. bank has invested more than $2 billion through private equity and its own funds in India since 2006, according to the statement. The recipients included vehicle maker Mahindra & Mahindra Ltd. and TVS Logistics Services Ltd.

Ankur Sahu and Andrew Wolff were named by Goldman as co-heads for its principal investment area in Asia, according to an internal memo obtained by Bloomberg News and reported in February. Sahu moved to Mumbai this year from Japan to lead the expansion of the Indian operations with Sanjeev Mehra.

Caparo Energy Ltd., a wind-farm developer that has announced India’s largest turbine orders, sold 3.5 billion rupees in preferred shares to fund its expansion, the company said June 20.

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