ReNew Power, India’s largest renewable energy company, today announced the signing of a definitive agreement to acquire Regent Climate Connect Knowledge Solutions Private Ltd, better known as Climate Connect, a digital-analytics, software development, artificial intelligence (AI) and machine learning (ML) company, specialising in the power markets domain in India.
ReNew’s acquisition of Climate Connect, is expected to not only add to its digital capabilities but also allow it to offer a suite of digital product offerings to customers across the energy value chain. ReNew Power plans to operate Climate Connect as an independent subsidiary that continues to focus on building a global team, world class data integrity and software development processes, as well as business development activities.
Nitin Tanwar, Climate Connect’ s CEO and Co-founder, said “It has been an exciting journey for the Climate Connect team and we believe that the company’s acquisition by ReNew Power will help us create long term value for our existing distribution utility and IPP customers and provide us the much-needed scale for the next leg of our journey”
Commenting on the acquisition, Sumant Sinha, Chairman & Managing Director, ReNew Power said, “The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave will come through the development of digital products that help optimise powerflow from generators to distribution companies to customers. As distribution companies look to tighten operations, find efficiencies, and reduce AT&C losses, digitalisation will play a key role and Climate Connect is well-positioned to service this important market.”
“ReNew is India's largest and most well-respected renewable energy company and we look forward to leveraging each other's strengths to create maximum value for energy consumers in India. Together, we can pursue our shared vision for India’s energy future,” said Sanand Sule, Climate Connect’s CTO and Co-founder.
The acquisition is expected to strengthen ReNew Power’s ongoing digital and analytics initiative which aims to leverage its data, to optimise decision making across business operations.