ReNew crosses 10 GW gross renewable energy assets

New Delhi: Clean energy firm ReNew on Wednesday said it has completed construction of 1.94 GW of renewable assets in FY24, taking its total capacity to 10 GW. Accounting for assets sold, the company's revenue generating capacity stands at 9.52 GW as on March 31, 2024, the company said in a statement. The company added 1,174 MW of solar and 768 MW of wind energy during FY'24.

This is one of the highest-ever capacity additions of wind energy among all companies in India in a single year, it stated.

PSU Watch is now on Whatsapp Channels. Click here to join

ReNew, among the largest clean energy companies globally, announced on Wednesday that it has completed construction of 1.94 GW of RE assets in FY24, taking the cumulative capacity set up by the company to over 10 GW, the statement said.

In FY'24, ReNew contributed about 10 percent of the country's total solar and wind energy generation. The company has India's largest wind portfolio of 4.7 GW, representing 10.5 percent of India's total wind energy capacity, it stated.

In 2023-24, ReNew won auctions to supply 4.8 GW (PPA) RE capacity, accounting for 10.1 percent of the total capacity for which tenders were concluded during the year.

Looking ahead, this would enable the company to double our RE asset portfolio to 20 GW by 2027-28, it stated.

ReNew has a deep presence across the country with over 150 renewable energy sites across 10 Indian states and employs more than 4,000 people.

The company is among the top-10 renewable energy companies globally (ex-China), thanks to its balanced portfolio of solar and wind energy. It has also achieved backward integration through the manufacturing of solar modules and cells.

As on December 31, 2023, the company had a balance sheet size of USD 10.6 billion (about Rs 88,600 crore), with strong visibility of funding for current and future projects.

Sumant Sinha, Founder, Chairperson and Chief Executive Officer of ReNew, said in the statement, "I am incredibly proud of the work we have done to reach this milestone. ReNew continues to be at the heart of India's transformation as a clean energy leader and our ambitions now are even bigger.

"We will double the amount of clean energy we generate over the next few years, while continuing our work to be completely carbon neutral as a company by 2040."

Established in 2011, ReNew started operations with a 25 MW wind project in Gujarat and entered the solar energy space in 2014. It became the first clean energy firm to cross operating capacity of 1 GW in 2016 and doubled it to 2 GW the next year.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)