Renew Power to Invest INR 30,000 Cr in Solar, Wind Energy By 2025

Renewable energy conglomerate ReNew Power hopes to invest INR 30,000 crore in the coming two years in solar and wind energy capacities according to reports. ReNew Power Chairman Sumant Sinha has said that ReNew has 5,000 MW of projects which it is building presently as it has won auctions and has Power Purchase Agreements. The company has also announced plans to produce green hydrogen in India, which will require significant renewable energy capacity additions too.

Sinha heads the industry body ASSOCHAM as its President and had opined recently that the government should promote the green hydrogen manufacturing in the country as it looks to emerge as a global hub for hydrogen.

ReNew Power is a subsidiary of ReNew Energy Global Plc which is one of the largest renewable energy independent power producers (IPPs) in the world. The firm has an aggregate capacity of 13.2 GW and this includes capacity already secured through competitive bids.

With regards to green hydrogen production in India, the Prime Minister in his Independence Day speech last year announced the launch of the National Hydrogen Mission. RK Singh, the MNRE Minister, had said recently that the mission document is in the making and will be launched in the coming 1-2 months.

ReNew Power has committed some major investment agreements in the recent past for RE development. In August, the company signed an MoU with the Egyptian government for the development of projects in Egypt for the production of green fuels with a massive investment of $8 billion.

It assigned deals with the Maharashtra energy department for Rs 50,000 crore in Davos during WEF session in May for investments in renewable energy in the Indian state for the next six to seven years. Subsequently, ReNew Power also signed agreements with the Karnataka government in the presence of Chief Minister Basavaraj Bommai to invest INR 50,000 crore in the state over the next seven years in renewable energy, battery storage and green hydrogen.