ReNew Power Surges Past 10 GW Capacity, Adding 1,174 MW of Solar and 768 MW of Wind in Fiscal Year 2024

ReNew Power, a leading clean energy company globally, announced it has added 1.94 gigawatts (GW) to its renewable energy (RE) assets for the fiscal year 2024, propelling its total capacity to over 10 GW. Despite selling some assets, the company’s revenue-generating capacity now stands at 9.52 GW. During the year, ReNew installed 1,174 megawatts (MW) of solar and 768 MW of wind energy, marking a significant milestone in India’s wind energy sector by recording one of the highest single-year capacity additions.

Contributing about 10% to India’s total solar and wind energy generation in FY24, ReNew boasts the largest wind portfolio in the country at 4.7 GW, accounting for 10.5% of India’s total wind energy capacity. The company won auctions for supplying 4.8 GW of RE capacity, representing 10.1% of the total capacity from tenders concluded over the year, setting a path to potentially double its RE asset portfolio to 20 GW by 2027/28.

With over 150 renewable energy sites across 10 Indian states and a workforce exceeding 4,000 employees, ReNew’s influence extends throughout the country. It is ranked among the top ten global renewable energy companies, excluding China, and has ventured into manufacturing solar modules and cells. Its business-to-business (B2B) vertical serves leading companies like Amazon and Microsoft.

The company’s strong balance sheet, with a size of approximately US$ 10.6 billion as of December 2023, underpins its expansion plans. Sumant Sinha, ReNew’s Founder and CEO, emphasized the company’s commitment to supporting India’s clean energy transition and achieving carbon neutrality by 2040. This expansion aligns with India’s ambitious goals to enhance non-fossil fuel energy capacity to 500 GW and reduce carbon emissions by one billion tonnes by 2030.

Since its inception in 2011, ReNew has been at the forefront of India’s renewable energy journey, achieving numerous milestones and contributing significantly to the greening of the Indian economy. The company’s operations now generate 21 billion units of clean electricity annually, enough to power 5.9 million households and prevent 17 million tonnes of CO2 emissions each year. Through its innovative use of technology and community-focused initiatives, ReNew continues to lead in the renewable energy sector, earning global recognition for its efforts in climate technology and energy transition.