ReNew Power
By operational capacity, ReNew Power is India's largest renewable energy company. It is headquartered in Gurgaon, Haryana, and has a total asset base of more than 10 GW, with approximately 5 GW operational. ReNew Power operates over 110 projects across 18 Indian states, developing, constructing, owning, and operating utility-scale wind and solar energy projects, as well as distributed solar energy production for commercial and industrial consumers.
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ReNew Power: Largest renewable energy company in India
ReNew Power, headquartered in Gurugram, has become India's first renewable energy company – and only the 11th outside of China – to surpass the 5 gigawatt mark for clean energy generation installations.
Sumant Sinha, chairman and managing director of the company, announced the achievement shortly after commissioning a 250 MW solar power plant in Bikaner, Rajasthan. He added that the company will add 3 GW of generation capacity in two phases over the next 18 months. Around 1.5 GW of that total will be commissioned by the middle of next year.
"With the commissioning of 5.2 GW and the addition of a pipeline, our total capacity now exceeds 8 GW," Sinha tweeted. "Special thanks to the most exceptional team in the industry for accomplishing this in less than eight years."
According to the ReNew Power website, Sinha founded the company in 2011 with a 25.2 MW wind project in Jasdan, Gujarat, and it has grown to become the country's largest independent renewable energy producer. According to the website, ReNew operates more than 100 utility-scale projects across eight states, generating 1% of India's electricity and assisting in the mitigation of 0.5 percent of India's carbon emissions.
History
Sumant Sinha founded ReNew Power in 2011 and received funding from Goldman Sachs in September. Goldman Sachs has invested $70 million in ReNew Power, while the Asian Development Bank (ADB) and alternative asset manager Global Environment Fund (GEF) have each invested $50 million and $20 million.
"If the market is supportive and the policy environment is favourable for renewable energy, we will conduct an initial public offering within a year or two," said Sumant Sinha, chairman and chief executive officer of ReNew Power. In May 2012, the company began work on its first project in Jasdan, Gujarat. In 2016, ReNew became the first renewable energy independent power producer to raise rupee-denominated masala bonds[10] and the first Indian renewable energy company to reach 1 GW capacity in the same year.
In 2016, ReNew Power established a centre of excellence at IIT to collaborate on research and technology development.
JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power) acquired an equity stake in ReNew in 2017, and the company doubled its capacity for the third consecutive year. ReNew Power acquired Ostro Energy in 2018 and CPPIB, a Canadian pension fund, became an equity investor. Additionally, the company signed memorandums of understanding with the states of Andhra Pradesh and Maharashtra to invest in the renewable energy sector.
In 2019, ReNew Power became India's first renewable energy company to partner with the Korean company GSE&C, jointly developing the SECI-4 project in Rajasthan. ReNew raised US$450 million in the form of dollar bonds to repay existing debt. ReNew Power announced in July 2020 that it will manufacture solar cells and modules in India with a capacity of 2 GW.
ReNew Power agreed to donate Rs. 20 crores for mitigation during the COVID-19 pandemic. A total of Rs 10 crore will be contributed to the PM-CARES Fund, Rs 5 crore to the chief minister's relief fund in various states, and the remaining funds will be used for a variety of activities aimed at directly assisting communities affected by the lockdown and bolstering health infrastructure, the statement said.
ReNew Power announced its intention to go public on February 24, 2021, through a merger with a SPAC called RMG Acquisition Corporation II. The combined entity will be called ReNew Energy Global PLC and will be listed on the NASDAQ. On 24 August 2021, ReNew was listed on the NASDAQ under the symbol "RNW." The transaction is estimated to be worth around $8 billion.
ReNew Power announced an acquisition plan for a 99 MW hydroelectric power plant from L&T in August 2021. Larsen & Toubro announced on Wednesday the sale of a 100 percent stake in its subsidiary L&T Uttaranchal Hydropower Limited's (LTUHPL) three 33 MW (99 MW) river hydroelectric power plants to Renew Power Services Private Limited, a wholly owned subsidiary of Renew Power Private Limited.
ReNew Power has a portfolio of more than 5600 megawatts (MW) located in eight states of India. ReNew Power began operations in 2011 with a 25.2 MW wind energy project in Jasdan, Gujarat. Since then, the company has grown rapidly with the support of strong investors and has established itself as one of India's largest independent power producers (IPPs) in the renewable energy sector. Through a series of acquisitions and active participation in renewable energy tenders, ReNew Power has grown its portfolio to more than 7 GW, which includes wind and solar assets. To diversify its portfolio further, the company is now venturing into other emerging renewable energy segments, including energy storage and transmission.
ReNew Power is an independent power producer (IPP) that develops, owns, constructs, and operates utility-scale wind and solar energy projects. As many other large independent power producers have done, ReNew Power has entered the distributed solar energy market, supplying solar energy to commercial and industrial customers. The company owns and operates over 7 GW of renewable energy assets, of which approximately 4.7 GW is operational as of July 2019. It owns and operates more than 100 utility-scale projects spread across eight states, totaling 3,045 MW of wind and 1,700 MW of solar capacity. Additionally, the company has a sizable project pipeline, with approximately 1,500 MW of wind and 800 MW of solar projects currently under construction. Apart from these utility-scale projects, ReNew Power owns and operates over 250 distributed solar installation sites in over 17 states.
ReNew Power, which is committed to capacity expansion, has been bidding in various auctions for wind and solar projects. It recently won 300 MW of capacity in SECI's 1,200 MW solar auction, 50 MW in SECI's 400 MW wind auction, and 120 MW in SECI's 1,200 MW solar-wind hybrid auction. Between January and July 2019, the company secured nearly 2 GW of project capacity across the solar, wind, and hybrid energy segments. Apart from solar-wind hybrids, ReNew Power is considering a significant investment in another emerging technology: floating solar. Recently, the company was awarded the right to develop a 100 MW floating solar project on the Rihand dam in Uttar Pradesh and sell power to Uttar Pradesh Power Corporation Limited at a rate of Rs 3.36 per unit. Prior to this, in October 2018, it won a tender to develop a 3 MW floating solar project at Visakhapatnam's Meghadrigedda reservoir. According to sources, ReNew Power is also investigating transmission development opportunities and has begun bidding on projects under the Green Energy Corridors project.
Along with bidding for large capacity, ReNew Power frequently acquires to maintain a competitive edge. In late 2017 and early 2018, the company completed a series of acquisitions. To begin, it acquired the Vikram Solar Group's 30 MW portfolio of assets. Then, for more than Rs 10 billion, it acquired a 100% stake in KCT Renewable Energy Private Limited, acquiring ownership of the latter's three fully operational wind energy projects in Andhra Pradesh with a combined capacity of 103 MW. Additionally, it acquired Ostro Energy Private Limited's 1,100 MW portfolio for approximately Rs 102 billion. Following this, ReNew Power acquired a 100% stake in Indian Energy Limited for Rs 364 million, acquiring 41.3 MW of wind energy capacity. It acquired two of Suzlon's solar assets totaling 30 MW in April 2019 for Rs 297.3 million and is reportedly exploring additional such acquisitions in the future.