Clean energy firm ReNew Power on Thursday said it has inked a definitive agreement to acquire artificial intelligence and machine learning startup Climate Connect.
The acquisition will give ReNew Power access to energy management services.
“ReNew Power has signed a definitive agreement to acquire Regent Climate Connect Knowledge Solutions Private Ltd (“Climate Connect”); a digital -analytics, software development, Artificial Intelligence (AI), and Machine Learning company, specialising in the power markets domain in India,” ReNew Power said in a statement.
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, it added.
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, it 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 optimize powerflow from generators to distribution companies to customers,” ReNew Power CMD Sumant Sinha said.
As distribution companies 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, Sinha added.
Climate Connect CEO and Co-founder Nitin Tanwar said :”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”.
The acquisition is expected to strengthen ReNew Power’s ongoing digital and analytics initiative which aims to leverage its data, to optimize decision making across business operations, the statement added.