"ReNew Achieves Milestone: Surpasses 10 GW in Gross Renewable Energy Capacity"

ReNew, a prominent player in the renewable energy sector, announced the completion of 1.94 gigawatts (GW) of renewable energy assets during the fiscal year 2023-24, pushing its cumulative capacity beyond the significant milestone of 10 GW.

Taking into account the assets sold, ReNew's operational capacity stands at 9.52 GW as of March 31, 2024. The company, listed on Nasdaq, reported the addition of 1,174 megawatts (MW) of solar capacity and 768 MW of wind energy capacity during the last financial year, marking one of the highest capacity additions by any company in India within a single year. Notably, ReNew boasts India's largest wind portfolio, totaling 4.7 GW, representing approximately 10.5 percent of the country's total wind energy capacity.

In the preceding fiscal year, ReNew contributed approximately 10 percent of India's total solar and wind energy generation. Moreover, the company secured auctions to supply 4.8 GW of renewable energy capacity, accounting for 10.1 percent of the total capacity tendered during the year. This positions ReNew to potentially double its renewable energy assets to 20 GW by 2027-28, according to Chairperson and CEO Sumant Sinha.

Sumant Sinha emphasized ReNew's commitment to doubling its clean energy generation in the coming years while striving to achieve carbon neutrality as a company by 2040.

With its current capacity nearing 10 GW, ReNew is projected to generate 21 billion units (BU) of clean electricity annually, sufficient to power approximately 5.9 million households and prevent 17 million tonnes of CO2 emissions each year. Over the past seven years, ReNew's initiatives have contributed to avoiding around 72 million tonnes of carbon emissions.

ReNew's expansion plans are supported by robust fundamentals, with a balance sheet size of approximately $10.6 billion (approximately ₹88,600 crore) as of December 31, 2023, ensuring strong funding visibility for both current and future projects.

Since its inception with a 25 MW wind project in Gujarat, ReNew has steadily expanded its presence, venturing into the solar energy sector in 2014. The company achieved several milestones, including becoming the first clean energy firm to surpass an operating capacity of 1 GW in 2016, doubling it the following year, and reaching the 5 GW milestone in 2019, marking a pioneering journey in India's renewable energy landscape.

HBL