Investment bank Goldman Sachs, known in some irreverent circles as “the great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”, has invested $200 million to take a majority stake in ReNew Wind Pvt, a wind power company in India.
This investment further increases the investment bank’s existing renewable energy investments. Goldman Sachs has reportedly invested $1.5 billion globally in renewable energy companies. The bank has also invested more than $2 billion in India since 2006.
ReNew Wind is a Mumbai based wind farm developer. The company’s chairman and founder, Sumant Sinha, has said the company will invest the money from the majority stake in a wide range of projects. Sumant Sinha is a former CEO of Suzlon Energy Ltd, which is India’s biggest wind turbine manufacturer.
ReNew Wind Power has agreements with Suzlon, Germany’s Kenersys GmbH and Regen Powertech Pvt. Ltd, to build and run wind farms in India.
The wind power company is expecting to have 85 megawatts of wind capacity in operation by mid next year. It has two wind farm developments in the pipeline, and is planning to develop between 200 and 300 megawatts of wind capacity every year until 2015.
The indian government is planning on a massive increase in renewable energy capacity over the coming years, so there are various renewable energy developers hoping to cash in on the expansion, not to mention investment banks and funds.