ReNew Power to Commission 10.2 GW RE Capacity by 2023

ReNew Power is looking to commission its 10.2 gigawatt (GW) capacity by financial year 2022-23. It also expects to generate an annual EBITDA of USD 1.1-1.2 billion with the commissioning of the 10.2 GW capacity, said the company.

To lead India’s energy transition and global green energy transformation, ReNew aspires to have 18 GW of operational capacity by FY’25, it added.

Over the last 10 years, ReNew has emerged as a leader in the Indian renewable energy market and as one of the largest renewable energy companies globally. Going forward, ReNew expects to have significant opportunities for value accretive growth in the Indian renewable energy market with the bid market representing about 300 GW, corporate PPAs representing 25 GW, and acquisition opportunities representing around 30-50 GW. ReNew’s current operational capacity stands at 6.4 GW following the commissioning of SECI-4 solar project in Jaisalmer, Rajasthan.

Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew said, “As India sets its sight on achieving 450 GW of installed clean energy capacity by 2030, ReNew will be a leading catalyst of this transition from fossil-based energy to clean energy. We see a great opportunity in the clean energy sector with an addressable market of US$ 270 bn.”

“The Indian clean energy sector is evolving with innovative constructs such as Round-The-Clock (RTC) power, hybrid with storage tenders and corporate PPAs. ReNew’s growth is likely to come from high return opportunities that comfortably exceed our cost of capital and help us achieve our targeted equity IRRs of 16 – 20%,” he added.