ReNew Power acquires machine learning start-up Climate Connect
New Delhi: ReNew Power on Thursday said it has acquired Climate Connect, an artificial intelligence (AI) and machine learning start-up, to get access to energy management services.
It added that the acquisition would strengthen ReNew Power’s ongoing digital and analytics initiative which aims to leverage its data and optimise decision making across business operations.
“I am thrilled to welcome Climate Connect into our fold to make India’s power markets more efficient through next-generation artificial intelligence and machine learning-enabled technologies,” said Sumant Sinha, chairman and managing director of ReNew Power.
He said that the first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave would come through the development of digital products that help optimise power flow from generators to discoms to customers.
“As discoms look to tighten operations, find efficiencies, and reduce aggregate technical and commercial losses, digitalisation would play a key role…” Sinha said.
According to the company press release, ReNew Power is planning to operate Climate Connect as an independent subsidiary and would continue to focus on building a global team, world class data integrity, software development processes, as well as business development activities.
“…The company’s acquisition by ReNew Power will help us create long-term value for our existing distribution utility and independent power producer customers and provide us the much-needed scale for the next leg of our journey,” said Nitin Tanwar, chief executive officer and co-founder, Climate Connect.
The start-up specialises in the power markets domain in India. So far, it has deployed software solutions for 6 GW of renewable generation projects across Asia, and has 25 GW of load portfolio under power distribution utilities.