ReNew Power Ventures Private Limited, India’s leading solar and wind energy Company, on March 31, 2016 became the first company to cross an installed capacity of 1 GW
from its clean energy projects in India. This key milestone was achieved within a short span of 5 years with a total of 29 wind and solar projects across 9 states in India.
ReNew Power was founded in 2011 by Sumant Sinha and is present across the states of Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand. The company is backed by marquee investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank and Global Environment Fund. Among new companies in India in the last 5 years, ReNew is fifth largest in terms of total equity raised, the second largest in terms of total capital raised, and the largest on both counts in the renewable energy sector in India.
Speaking on achieving the milestone, Mr. Sumant Sinha, Chairman and CEO, ReNew Power said, “This is a very exciting time for us as we aim to play a vital role in meeting India’s growing energy needs. The Government recently announced the 100,000 MW target for solar under the National Solar Mission, and 60,000 MW for wind. This will significantly accelerate the pace of deployment of renewable energy in India and we are already seeing this in recent capacity adds. We hope to contribute to this growth story in a significant way. ReNew will play a key role in supplementing India’s energy mix and we hope to achieve many more milestones as we achieved today.”
As one of the leading independent power producers, ReNew Power started its journey in 2011 and has grown rapidly to become the leader in the renewable energy sector with over 400 employees as of today. The five-year journey has been noteworthy for ReNew Power as it became the first in the renewable sector to get debt financing from IIFCL, in obtaining credit enhancement from IIFCL to get AA+ rating on project debt, and in securing a $250 million line of long-term credit from the Overseas Private Investment Corporation (OPIC), an agency of the US government, for funding solar projects.
ReNew Power is the recipient of many awards which include Skoch Smart Technology Awards; Renewable Energy Awards 2015 as “Leading RE Developers – Wind”; Best Corporate Social Responsibility Practices Award at the 5th Asia Best CSR Practices Awards 2015; Excellence Award- 2015 in Renewable Energy Sector by Energy and Environment Foundation; Energy & Environment
Foundation’s “Global Environment Award 2015 – Gold Category”; “Renewable Energy Leader of the Year 2015” award at the National Awards for Excellence in renewable energy; “CSR Leadership Award – 2015” at National Awards for excellence in renewable energy, and the Indian Wind Power Association (IWPA) Award for best performing wind farm.
Some of ReNew Power’s notable achievements:
• ReNew Power is the best capitalised renewable energy company in the country
• It is India’s first renewable energy company to commission 1,000 MW of solar and wind energy capacity
• Renew Power is the largest capital raiser in debt markets in the renewable energy IPP sector in the last 5 years with over Rs 8,000 cr of debt
• Recently, ReNew Power has signed PPAs of 286 MW in Telangana, and has won 180 MW of solar projects in Karnataka and 522 MW in Jharkhand
• In September 2015, ReNew Power installed and commissioned India’s tallest wind tower. It is a lattice/tubular tower (hybrid tower) of 120 m height, installed for the first time anywhere on-shore in the world
• Also, in September 2015, ReNew Power launched the first ever infrastructure bond issuance credit enhanced by IIFCL, rated AA+
• All ReNew Power projects are UNFCCC (United Nations Framework Convention on Climate Change) registered
• Scheduling and Forecasting is being done for all ReNew projects through ReNew Power Information System which won the Skoch Smart Technology Award 2015
• Currently commissioned ReNew Power projects mitigate 2.08 million tons of CO2 emissions till date, and will mitigate more than 28 million tons of CO2 emissions in their lifetime