ReNew Power
India ranks 4th in the world in terms of installed renewable energy capacity and India's non-fossil fuel energy has grown by over 25% in the previous 7 years.
ReNew Power Ventures operates as an independent power producer. The company engages in the generation of non-conventional energy through solar and wind power. It sells its power to state electricity boards and large industrial companies in India. It was founded in 2011 and commenced operations in 2012 with their first project with a capacity of producing 25.20 MW from Jasdan, Gujarat. Renew Power has a capacity of more than 13.4 GW, while its commissioned capacity stands at 7.7 GW. It plans to double its portfolio of running plants and projects under implementation to 10,000 MW in five years.
- Operational capacity of 5.44 GW
- Revenue of US$ 316 million in the first quarter of FY23.
- India’s largest renewable energy independent power producer
ReNew Power – Tapping Solar Lighting Lives
| Year | Milestone |
|---|---|
| 2022 |
In October 2022, ReNew Energy Global PLC announced its ESG targets including a commitment to hit net zero emissions by the year 2040 through its latest sustainability report for FY 2021-22. In February 2022, ReNew Power completed Gujarat's first wind-solar hybrid project of 17.6 MW at Grasim Industries Ltd's Chlor-Alkali facility in Vilayat, Bharuch. The first phase of the hybrid project includes 17.6 MW of commercial-scale wind-solar power, which just went live. This will produce 80 million units of renewable energy per year while reducing carbon emissions by 75,000 tCO2e per year. |
| 2021 |
In September 2021, ReNew Power announced that it has commissioned a 250 MW solar project in Jaisalmer district, Rajasthan. In August 2021, ReNew Power acquired two operating renewable energy portfolios in India — 260MW/330MWp solar projects in the state of Telangana and a 99MW hydropower facility in Uttarakhand. The combined value of the acquisition was roughly Rs. 28.5 billion (US$ 384.0 million). In June 2021, ReNew Power announced an agreement with the Precourt Institute for Energy’s ‘StorageX Initiative’ for the development of new energy storage system technology. In May 2021, ReNew Power announced plan to build a solar cell and module manufacturing capacity in Gujarat. In April 2021, the company announced that it has commissioned a 105 megawatt (MW) solar generation project in Gujarat. In April 2021, the company announced its goal to achieve net-zero greenhouse gas emissions by 2050. In April 2021, the company announced that it has commissioned a 110 megawatt (MW) solar- generation project in Rajasthan. ReNew Power announced that it has commissioned a 300-megawatt (MW) wind power generation facility in Gujarat. ReNew Power was named in the World Economic Forum's (WEF) Global Lighthouse Network, which honours firms using emerging technologies to achieve environmentally sustainable, community-friendly and productive development. |
| 2020 |
In August, ReNew Power and the UN Environment Programme (UNEP) inked an agreement to promote access to renewable energy and improve energy efficiency. ReNew Power will invest Rs. 2,000 crore (US$ 271.99 million) in manufacturing solar cells in India Acquired artificial intelligence and machine learning start-up Climate Connect |
| 2019 |
Entered in agreement with South Korea based GS E&C to execute its 300 MW solar power plants in Rajasthan At Vidya School, 5.12kW solar-rooftop system was inaugurated which was installed by ReNew Power Received World Quality Congress Awards 2019 for Best Solar Utility of the Year and Best Solar Innovation |
| 2019 |
ReNew Power announced commissioning of its 300 MW solar plant at Pavagada Solar Park in Karnataka. |
| 2018 |
Achieved a total operational capacity of 3.92 GW. Acquired OEPL and KCT with an operational portfolio of 858.10 MW and 103.10 MW Respectively. |
| 2017 |
Acquired the assets of Vikram Solar Group. |
| 2017 |
Became the first renewable energy IPP in India to reach 1 GW of renewable commissioned capacity. |
| 2016 |
Doubled operational capacity and achieved a total commissioned capacity of 986.90 MW. |
| 2016 |
Became the first renewable energy independent power producer (“IPP”) of India to raise Rupee denominated masala bonds. |
| 2015 |
Commissioned their first large distributed solar energy project with a capacity of 860 kWp. |
| 2014 |
Investments by GSW, ADB and GEF in the form of equity. |
| 2012 |
Commissioned their first utility scale wind energy project with 25.2MW capacity. |
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