ReNew Power is India's largest
renewable energy
Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy ...
company by operational capacity. Based in
Gurgaon
Gurgaon (pronunciation: ʊɽɡãːw, officially named Gurugram (pronunciation: ʊɾʊɡɾaːm, is a city located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest of the nationa ...
,
Haryana
Haryana (; ) is an Indian state located in the northern part of the country. It was carved out of the former state of East Punjab on 1 Nov 1966 on a linguistic basis. It is ranked 21st in terms of area, with less than 1.4% () of India's land ar ...
, it has an asset base of over 10
GW, with around 5 GW operational. ReNew Power operates over 110 projects across 18 states in India, developing, building, owning and operating utility-scale
wind
Wind is the natural movement of air or other gases relative to a planet's surface. Winds occur on a range of scales, from thunderstorm flows lasting tens of minutes, to local breezes generated by heating of land surfaces and lasting a few hou ...
and
solar energy
Solar energy is radiant light and heat from the Sun that is harnessed using a range of technologies such as solar power to generate electricity, solar thermal energy (including solar water heating), and solar architecture. It is an essenti ...
projects, including
distributed solar energy production for commercial and industrial consumers.
History
Sumant Sinha started ReNew Power in 2011
and
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
invested that September.
The company began its first project at Jasdan in
Gujarat
Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth ...
in May 2012. In 2016, ReNew became the first renewable energy IPP to raise rupee-denominated masala bonds
and the same year became the first Indian renewable energy company to achieve 1 GW capacity,
In 2016, ReNew Power launched an IIT centre of excellence to collaborate with the institution in research and technology development.
In 2017 JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power) became an equity holder and ReNew doubled its capacity for the third year. In 2018, ReNew Power acquired Ostro Energy and Canadian pension fund CPPIB became an equity investor. The company also signed MoUs with the states of Andhra Pradesh and Maharashtra for investments in renewable energy sector.
In 2019, ReNew Power became the first company in India to partner with Korean company GSE&C in renewable energy, jointly developing the SECI-4 project in Rajasthan. ReNew raised US$450 million through dollar bonds to retire some existing debt. In July 2020, ReNew Power announced that it will manufacture solar cells and modules in India for 2 GW capacity.
During the COVID-19 pandemic, ReNew Power agreed to donate Rs. 20 Crores for mitigation.
On February 24, 2021, ReNew Power announced that it would go public through its merger with a
SPAC called RMG Acquisition Corporation II. The merged company will be ReNew Energy Global PLC and listed on NASDAQ. ReNew was listed on the NASDAQ on 24 August 2021 under the symbol "RNW". The value of the transaction is around $8 billion.
In August 2021, ReNew Power announced an acquisition plan for 99 MW hydroelectric power plant from L&T.
Project locations
ReNew Power has a portfolio of more than 10,214 megawatts (MW) located in eight
states of India
State may refer to:
Arts, entertainment, and media Literature
* ''State Magazine'', a monthly magazine published by the U.S. Department of State
* ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, United States
* ''Our S ...
.
Awards
Awards won by ReNew Power include the ET Process Innovation Award, 2019, the Champion of Tomorrow at CEO Award 2018, Corporate Social Responsibility Award at FICCI CSR Awards 2018, Outstanding Start up at Forbes India Leadership Award 2017, innovation award in EHS by CII. In 2020, it was named as S&P Platts Global Rising Star Company of the Year.
See also
*
Astonfield
Astonfield Renewables Resources is a renewable energy company that builds, owns, and operates utility-scale solar power plants in emerging markets. Headquartered in Mumbai, its operational focus on India is supported by additional offices in N ...
*
Solar Energy Corporation of India
Solar may refer to:
Astronomy
* Of or relating to the Sun
** Solar telescope, a special purpose telescope used to observe the Sun
** A device that utilizes solar energy (e.g. "solar panels")
** Solar calendar, a calendar whose dates indicate t ...
*
Solar power in India
Solar power in India is a fast developing industry.
The country's solar installed capacity was 61.966 GWAC as of 30 November 2022.
Solar power generation in India ranks fourth globally in 2021.
The Indian Government had an initial tar ...
References
External links
*{{url, www.renewpower.in, Official site
Solar energy companies of India
Wind power companies of India
Engineering companies of India
Companies based in Gurgaon
Renewable resource companies established in 2011
Indian companies established in 2011
Indian brands
2011 establishments in Haryana
Companies listed on the Nasdaq
2021 initial public offerings