ReNew Power Pvt. Ltd said on Thursday it has agreed to acquire Regent Climate Connect Knowledge Solutions Pvt. Ltd, an artificial intelligence (AI) and machine learning company that specialises in the power markets domain.
The acquisition will enhance ReNew Power’s digital capabilities and allow it to offer a suite of digital product offerings to customers across the energy value chain, the company said in a statement.
ReNew Power plans to operate Climate Connect as an independent subsidiary.
“The first wave of growth in the renewable energy industry came through the addition of physical assets… the next wave will come through the development of digital products that help optimize power flow from generators to distribution companies to customers,” said Sumant Sinha, chairman and managing director at ReNew Power.
Sinha also said that as distribution companies look to tighten operations, find efficiencies and reduce transmission losses, digitalization will play a key role. “Climate Connect is well-positioned to service this important market.”
ReNew Power is India’s largest renewable energy company by total energy generation capacity. It generates 5.4 GW of energy through solar and wind assets and has another 3.2 GW under various stages of development.
The company is among the most-funded renewable energy firms in India. Its list of equity investors include US-based Goldman Sachs, Japan’s JERA, Abu Dhabi Investment Authority and Canada Pension Plan Investment Board.
Climate Connect was co-founded by Nitin Tanwar, an alumnus of the University of Cambridge in the UK, and IIT-Mumbai graduate Sanand Sule.
The company works with power distribution companies and renewable energy generators to provide them with real-time AI- and ML-driven forecasting and optimization products and services.
It has to-date deployed software solutions for 6 GW of renewable generation projects across Asia, and 25 GW of load portfolio under power distribution utilities.
Climate Connect has a sales office in New Delhi, and its technology development and operations centre in Pune.