Two of Japan’s biggest utilities – TEPCO and Chubu Electric – will enter the Indian renewables sector by taking a 10% stake in Goldman Sachs-backed ReNew Power.

The Japanese groups will make their debut in the Indian clean energy market via JERA, the 50/50 joint venture they set up in 2015 to advance their international ambitions.

The deal agreed for an undisclosed sum – reportedly in the region of $200m – is JERA’s first in renewables, and one of the most significant overseas investments by Japan in a foreign clean energy operation.

ReNew