Friday, July 19, 2024

ReNew Energy Global Achieves Remarkable Milestone: Gross Energy Asset Surpasses 10 GW


ReNew Energy Global Surpasses 10 GW of Gross Energy Assets

ReNew Energy Global has established itself as a major contributor to India’s renewable energy sector, making up around 10% of the nation’s clean energy output.

New Delhi, India, on the forefront of the clean energy revolution, ReNew Energy Global (“ReNew”), one of the world’s largest renewable energy firms, proudly announced a significant milestone achieved in the fiscal year 2024. The company completed the construction of 1.94 gigawatts (GW) of renewable energy (RE) assets, propelling its cumulative capacity to exceed 10 GW. Even after accounting for assets sold, ReNew’s revenue-generating capacity as of March 31, 2024, stands impressively at 9.52 GW.

Over the course of FY24, ReNew orchestrated the addition of 1,174 megawatts (MW) of solar energy and 768 MW of wind energy to its portfolio. This marked a record-setting achievement for wind energy capacity addition by any company in India within a single year.

ReNew’s contributions to India’s renewable energy sector are notable, with the company responsible for about 10 percent of the nation’s total solar and wind energy generation in FY24. Holding the country’s largest wind portfolio at 4.7 GW, ReNew accounts for 10.5 percent of India’s total wind energy capacity. During the 2023-24 fiscal year, the company secured auctions to supply 4.8 GW of renewable energy capacity through Power Purchase Agreements (PPA), which represents 10.1 percent of the total capacity for which tenders were concluded. These achievements are only a step towards ReNew’s ambition to double its RE asset portfolio to 20 GW by the 2027/28 timeframe.

With a vast presence across India, ReNew operates over 150 renewable energy sites across 10 states and employs a workforce of more than 4,000 individuals. Standing among the top ten global renewable energy companies outside of China, ReNew boasts a balanced portfolio of solar and wind energy, supplemented by its venture into solar module and cell manufacturing.

The company’s expansion is underpinned by robust fundamentals, including a balance sheet valued at approximately US$ 10.6 billion (~INR 88,600 crore) as of December 31, 2023, and solid funding visibility for current and future projects.

Sumant Sinha, the visionary Founder, Chairperson and Chief Executive Officer of ReNew, expressed immense pride in the company’s achievements, stating, “ReNew is at the core of India’s clean energy transformation, aiming to double the amount of clean energy generated in the coming years. Our commitment extends to achieving complete carbon neutrality by 2040, aligning with Prime Minister Narendra Modi’s ambitious goal to triple India’s renewable energy capacity by the decade’s end.”

ReNew’s operational expansion aligns with India’s goals to attain 500 GW of non-fossil fuel energy capacity and reduce carbon emissions by one billion tonnes by 2030. Since its inception in 2011, ReNew has led the renewable energy industry in India, beginning with a 25 MW wind project and escalating its operations to achieve multiple milestones, including being the first clean energy firm to surpass 1 GW of operating capacity in 2016. By 2021, ReNew’s public listing on Nasdaq affirmed its global standing with an enterprise valuation exceeding US$8 billion.

The company’s role in greening the Indian economy is undeniable. With nearly 10 GW of capacity, ReNew’s operations will now power approximately 5.9 million households, offset 17 million tonnes of CO2 emissions annually, and have already helped avoid around 72 million tonnes of carbon emissions over the past seven years.

Embracing the Fourth Industrial Revolution, ReNew has implemented advanced analytics across its solar and wind portfolios to enhance asset performance by 35%. This innovation journey has not gone unnoticed, earning international accolades including recognition by the MIT Technology Review as a Top 15 Climate Tech Company to Watch in 2023, acknowledgment by the World Economic Forum’s Global Lighthouse Network, and being honored as an Energy Transition Changemaker at the UN’s COP28.

Alexandra Bennett
Alexandra Bennett
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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