ReNew Crosses 10 GW Of Gross Renewable Energy Assets

Sumant Sinha led  ReNew, one of the earliest and largest players in the clean energy space in India,  announced on Wednesday that it has completed construction of 1.94 GW of RE assets in FY24, taking the cumulative capacity set up by the company to over 10 GW, a major milestone for the firm.

Accounting for assets sold, the Company’s revenue generating capacity stands at 9.52 GW as on March 31, 2024. The Company added 1,174 MW of solar and 768 MW of wind energy during FY24. This is one of the highest ever capacity additions of wind energy among all companies in India, in a single year.

In FY24, ReNew contributed approximately 10 percent of India’s total solar and wind energy generation, claims the firm. The Company has India’s largest wind portfolio of 4.7 GW, representing 10.5 percent of India’s total wind energy capacity. In 2023-24,
ReNew won auctions to supply 4.8 GW (PPA) RE capacity, accounting for 10.1 percent of the total capacity for which tenders were concluded during the year. Looking ahead, this would enable the Company to double its RE asset portfolio to 20 GW by 2027/28.

With over 150 renewable energy sites across 10 Indian states and more than 4,000 people, the firm is a bulwark of the renewable ecosystem in India. It has also achieved backward integration through the manufacturing of solar modules and cells, where output started last month.

After starting off as a utility level player dealing with discoms, ReNew made a successful B2B foray  with customers such as Amazon, Microsoft, Toyota, Suzuki, Ultratech Cement and DCM Shriram.

As on December 31, 2023, the Company has a balance sheet size of around US$ 10.6 billion (~INR 88,600 crore), with strong visibility of funding for current and future projects. Sumant Sinha, Founder, Chairperson and Chief Executive Officer of ReNew said, “We will double the amount of clean energy we generate over the next few years, while continuing our work to be completely carbon neutral as a company by 2040.”
The Company was listed on Nasdaq in 2021 with an enterprise valuation of over US$8 billion. The Company’s total capacity then was over 6 GW.
During FY 2023-24, ReNew added 1.94 GW in FY 2023-24, one of the largest capacity additions in a year. The Company has been playing a significant role in greening the Indian economy over the past decade.