ReNew Power, the leading renewable energy producer in India today announced the acquisition of Regent Climate Connect Knowledge Solutions Private Limited (Climate Connect) to bolster the company’s digital capabilities and digital product offerings across the energy value chain.
Climate Connect is a digital analytics, software development, artificial intelligence (AI), and machine learning (ML) company that specializes in the power markets domain in India.
“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 optimize power flow from generators to distribution companies to customers,” said Sumant Sinha, CMD of ReNew Power.
ReNew Power plans to operate Climate Connect as an independent subsidiary focused on building a global team, world-class data integrity, and software development processes, as well as business development activities.
Sinha added that as discoms look to tighten operations, find efficiencies, and reduce AT&C losses, digitalization will play a key role and Climate Connect is well-positioned to service this important market.
With this acquisition, ReNew is looking to strengthen its ongoing digital and analytics initiative and leverage data to enable better decision making across its business operations.
“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,” said Nitin Tanwar, CEO and co-founder of Climate Connect.