ReNew Power

ReNew Power Limited is reportedly the largest renewable energy IPP in India, with regards to the total energy generation capacity.[1] Since the time of commencement of operations with a 25.2 MW wind power project in Gujarat (Jasdan), reportedly ReNew Power has current asset base of over 8 GW, out of that over 5 GigaWatt is currently operational and they are aiming to attain the capacity of 20 GW under their new vision statement , To Be The Best Renewable Energy Company of The World.[2] ReNew currently operate over 110 utility scale projects across eight states in India.[3] Their turnkey projects involve developing, building, owning and operating utility scale wind and solar energy projects, apart from the distributed solar energy projects, which generate energy for commercial and industrial consumer segments.[4]

ReNew Power limited
IndustryRenewable energy
Founded2011 (2011)
FounderSumant Sinha
Headquarters
Gurgaon, Haryana
,
India
Area served
India
Key people
ProductsWind Power, Solar Power, Solar Rooftop Power
Number of employees
1300+ (Dec 2019)
Websiterenewpower.in

For years, ReNew power has been one of the pioneers and on several occasions set new benchmarks in the Indian renewable energy landscape. ReNew was the first Indian company to reach one gigawatt of commissioned capacity in 2016, and in October 2019 they again became the first Indian clean energy company to cross 5 gigawatts[5] of installed capacity across the country.[6]

It became the first company in their sector to launch masala bonds[7] in the year of 2015 and the first company to attract equity-based investments from the investors such as Goldman Sachs.[8] In recent past, ReNew along with Greenko have won country's first energy storage tender to supply 1200 MW of clean energy.[9] ReNew Power was reportedly the first Indian renewable energy company to enter the international Unicorns club[10] in 2017.

Apart from these, ReNew has been involved in research and technical advancements. They were one of the first to collaborate with IIT Delhi and established a centre of excellence at the institution and in 2019 signed an Memorandum of Understanding[11] with the Andlinger Center for energy and environment.[12]

ReNew has been growing in operational capacity by means of both organic process and through acquisitions, with Ostro Energy being one of the latest acquisitions.[13][14] Recently, ReNew power also acquired Climate Connect an Indian artificial intelligence-based startup.[15] ReNew Power's success has been noted by the media, industry bodies & public and the company has won several notable awards and accolades. The most recent ones include the ET Process Innovation Award, 2019,[16] Entrepreneur of the Year award at ET Awards 2018,[17] The Champion of Tomorrow at CEO Award 2018,[18] Corporate Social Responsibility Award at FICCI CSR Awards 2018,[19] Entrepreneur of the Year award at EY Entrepreneur of the Year Awards 2017,[20] Outstanding Start up at Forbes India Leadership Award 2017 [21][22] innovation award in EHS by CII and most recently was named as S&P Platts Global Rising Star Company of the Year.[23]

History

Sumant Sinha established ReNew power in 2011[24] and it received equity infusion from Goldman Sachs[8] in September month of same year. The company commissioned its first project at Jasdan in Gujarat on May 6, 2012, and grew since then.[25] In 2016, ReNew became the first renewable energy IPP to raise rupee denominated masala bonds[7] and the very same year achieved 1GW capacity,[24] becoming the first company in India to achieve it.[26][27]

In 2016, ReNew power launched IIT centre of excellence to collaborate with the institution in research and technology development.[28][29]

In 2017 JERA (a joint venture between Tokyo Electric Power Co., Inc. and Chubu Electric Power Co.) came on board as an equity holder and in the same year ReNew doubled its capacity again for the third year on the trot.[30][31] In 2018, ReNew power concluded acquisition of Ostro energy and also saw Canadian pension fund CPPIB join the board as an equity investor.[32] Besides this the company also signed MoUs with the states of Andhra Pradesh and Maharashtra for investments in renewable energy sector.[33]

In 2019 ReNew power became the first company in India to partner with Korean major GSE&C in renewable energy sector when both companies decided to jointly develop the SECI-4 project won by ReNew Power in Rajasthan.[34][35][36] ReNew has concluded a fund raising of US$450 million through Dollar bonds recently.[37] The proceeds of this fund will be utilized by the company to retire some of its existing debt.[38] In July 2020, ReNew Power announced that it will start manufacturing solar cells and modules in India for a 2 GW capacity.[39]

During the COVID-19 pandemics period in India, ReNew Power committed to donate Rs. 20 Crores for the mitigation of the situation.[40][41][42]

Project locations[43]

ReNew Power has a portfolio of more than 5600 megawatts (MW) located in 8 States of India.

Wind portfolios are as per below:

StateInstalled Capacity
Gujarat605 MW
Karnataka651.8 MW
Maharashtra390 MW
Rajasthan357 MW
Madhya Pradesh477 MW
Andhra Pradesh717 MW
Telangana60 MW

Solar portfolios:

StateInstalled Capacity
Gujarat40 MW
Karnataka640 MW
Rajasthan140 MW
Tamil Nadu100 MW
MP101.2 MW
AP67.8 MW
Telangana588.8 MW

Awards
  • Wind Energy Developer of the Year at 4th Wind IPP Summit Awards 2014-15
  • Central Board of Irrigation & Power (CBIP) Award for Excellence in Renewable Energy project execution
  • IWPA Award for best performing wind farms 2013-14 & 2014-15
  • Energy & Environment Foundation Environment Award- Gold Category at the EEF "Global Awards 2015"
  • CSR Leadership Award at National Awards for Excellence in CSR and Sustainability "CSR Leadership Award – 2015"
  • Women Leadership Award - 2015 at 5th Asia Best CSR Practices Awards 2015
  • Best Corporate Social Responsibility Practices Award at 5th Asia Best CSR Practices Awards 2015
  • Skoch Smart Technology Award 2015

See also

References
  1. "ReNew Power the first Indian company to cross 5 GW renewables mark". pv magazine India. Retrieved 28 August 2020.
  2. "India's ReNew Power Aims At 20 Gigawatts Of Renewable Capacity". CleanTechnica. 17 July 2020. Retrieved 28 August 2020.
  3. Ranjan, Rakesh (5 June 2020). "ReNew Power Acquires Climate Connect". Mercom India. Retrieved 28 August 2020.
  4. Ranjan, Rakesh (20 November 2019). "Azure Power and ReNew Power Were the Top Utility-Scale Solar Developers During 1H 2019". Mercom India. Retrieved 10 September 2020.
  5. Mukul, Jyoti (31 October 2019). "ReNew Power becomes 11th firm globally to reach 5,000-Mw green capacity". Business Standard India. Retrieved 10 September 2020.
  6. www.ETEnergyworld.com. "ReNew Power commissions project under first reverse wind auction - ET EnergyWorld". ETEnergyworld.com. Retrieved 10 September 2020.
  7. "India takes the spice out of Masala bonds". Reuters. 12 June 2017. Retrieved 27 May 2020.
  8. Jai, Shreya (3 July 2014). "ReNew Power receives $140 million equity funding, to go public by next year". The Economic Times. Retrieved 27 May 2020.
  9. Barman, Arijit. "Greenko, ReNew win world's largest renewable-cum-storage based firm supply tender for 1.2 GW". The Economic Times. Retrieved 10 September 2020.
  10. Stephanie Bailey and John Defterios. "ReNew Power: The Indian unicorn built on green energy". CNN. Retrieved 10 September 2020.
  11. Verma, Prachi. "ReNew Power Ventures signs MoU with IITD for research facility on renewable energy". The Economic Times. Retrieved 10 September 2020.
  12. "ReNew Power Signs MoU With IIT Delhi To Set Up A Research Facility On Renewable Energy". www.saurenergy.com. Retrieved 10 September 2020.
  13. N, Sushma U. "India's biggest renewable-energy deal has been sealed". Quartz India. Retrieved 10 September 2020.
  14. Chandrasekaran, Kaavya. "ReNew power buys Ostro in biggest renewables sector deal". The Economic Times. Retrieved 10 September 2020.
  15. "ReNew Power to acquire AI startup Climate Connect". The Economic Times. Retrieved 10 September 2020.
  16. "2018-19 Winners – The Economic Times Innovation Awards 2019". Retrieved 10 September 2020.
  17. "ET Awards 2018 for Entrepreneur of the Year: Sumant Sinha, Chairman & MD, ReNew Power Ventures". The Economic Times. Retrieved 10 September 2020.
  18. "Winners". CEO Awards. Retrieved 10 September 2020.
  19. "Nuvoco wins the FICCI CSR Award 2018-19 for education, Cemnet News, Aug 4, 2020". ficci.in. Retrieved 10 September 2020.
  20. "EY announces 16 finalists for its 19th EY Entrepreneur of the Year Award Program". The Economic Times. Retrieved 10 September 2020.
  21. "Forbes India Leadership awards: Hari Mohan Bangur is entrepreneur of the year, Adi Godrej picks up for lifetime achievement - Business News , Firstpost". Firstpost. 15 November 2017. Retrieved 10 September 2020.
  22. "ReNew Power Ventures: Impressing Investors With Outstanding Performance". Forbes India. Retrieved 10 September 2020.
  23. "Winners | S&P Global Platts Global Energy Awards". www.spglobal.com. Retrieved 10 September 2020.
  24. Sengupta, Debjoy (11 April 2016). "ReNew Power first Indian company to achieve 1GW solar capacity". The Economic Times. Retrieved 27 May 2020.
  25. Devjyot Ghoshal, qz com. "A former Wall Street banker is building India's largest clean energy company". Scroll.in. Retrieved 27 May 2020.
  26. www.ETEnergyworld.com. "ReNew Power raises $375 million via green bonds - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 May 2020.
  27. "ReNew Power". Climate Bonds Initiative. 13 February 2017. Retrieved 27 May 2020.
  28. "ReNew Power | Indian Institute of Technology Delhi". old.iitd.ac.in. Retrieved 27 May 2020.
  29. Sood, Naina. "Renew Power Collaborates With IIT To Launch Research Facility On Renewable Energy". BW Businessworld. Retrieved 27 May 2020.
  30. Bhaskar, Utpal (14 February 2017). "Japan's JERA acquires 10% stake in ReNew Power for $200 million". Livemint. Retrieved 27 May 2020.
  31. "Japan's JERA Enters India, Picks Up 10% Stake In ReNew Power Ventures". Forbes India. Retrieved 27 May 2020.
  32. "Canada's pension fund invests $247 m in ReNew Power for Ostro acquisition". The Financial Express. 3 April 2018. Retrieved 27 May 2020.
  33. "ReNew Power secures fresh $350 million from US investor". pv magazine India. Retrieved 27 May 2020.
  34. Kumar, V. Rishi. "Greenko, Renew Power bag SECI mega renewable cum storage based projects". @businessline. Retrieved 27 May 2020.
  35. Reporter, B. S. (11 December 2019). "ReNew Power forms joint venture with Korean major GSE&C for Rajasthan unit". Business Standard India. Retrieved 27 May 2020.
  36. "ReNew Power partners with GS E&C to execute solar project in Rajasthan". The Economic Times. 11 December 2019. Retrieved 27 May 2020.
  37. Saxena, Ridhima (22 January 2020). "ReNew Power raises $450 million through dollar bonds". Livemint. Retrieved 27 May 2020.
  38. "ReNew Power likely to have priced its dollar bonds". The Financial Express. 22 January 2020. Retrieved 27 May 2020.
  39. "ReNew Power to make foray into solar cell, module manufacturing". Livemint. 16 July 2020. Retrieved 17 July 2020.
  40. "ReNew Power commits Rs 20 cr to fight COVID-19". Business Insider. Retrieved 10 September 2020.
  41. "ReNew Power commits Rs 20 cr to fight COVID-19". www.outlookindia.com/. Retrieved 10 September 2020.
  42. www.ETEnergyworld.com. "ReNew Power commits Rs 20 crore for fight against Covid-19 - ET EnergyWorld". ETEnergyworld.com. Retrieved 10 September 2020.
  43. "ReNew Power". Renewable Watch. 9 August 2019. Retrieved 27 May 2020.
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