Sanjay Varghese to Head ReNew Power’s Solar Business

ReNew Power has announced that it has promoted Sanjay Varghese to the post of Executive President and head the firms’ solar business

India’s largest renewable energy IPP, ReNew Power has announced that it has promoted Senior Vice President Sanjay Varghese to the post of Executive President. In his new role Varghese will head the solar business of the company and report directly to Chairman and Managing Director (CMD) Sumant Sinha, Renew Power said in a statement.

The firm has also appointed Vishal Sehgal as the head of its corporate affairs functions. Sehgal has worked in various sectors.

“These appointments are meant to expand Renew Power’s leadership team to manage its growing portfolio and explore new growth opportunities in the renewable energy sector,” the company said.

In August, Renew Power had announced the appointment of D Muthukumaran as its Chief Financial Officer, who joined from Aditya Birla PE Advisors where he was the chief executive officer (CEO).

“I am confident that with new members of the leadership team coming on board and the existing team continuing to deliver business outcomes, Renew Power is well poised to build scale in India’s quest for generating 450 GW of renewable energy. The expansion of Renew Power’s leadership team will allow the company to make the best possible use of growth opportunities arising in the Indian renewable energy space,” CMD Sumant Sinha was quoted as saying in the statement.

As of the latest financial results, the company has a total capacity of over 8 GW cumulative of wind and solar power assets in the country, including commissioned and under development projects.

In June, the firm had announced to have raised USD 300 million (approx. Rs 2,050 crore) through a rights issue. Goldman Sachs, Abu Dhabi Investment Authority (ADIA), and Canada Pension Plan Investment Board (CPPIB) have subscribed to the issue, with each of the shareholders infusing USD 100 million, a company statement said.

Earlier in the year, the company raised USD 350 million in debt funding from Overseas Private Investment Corp (OPIC), and another USD 435 million through the issuance of dollar-denominated green bonds.