ReNew aims to double green energy portfolio to 20 GW by FY28

On Wednesday, the company said that it added 1.94 GW of green energy assets in the recently concluded fiscal year 2024 (FY24), pushing up its total capacity to over 10 GW. Taking into account the assets it sold, ReNew’s revenue-generating capacity stood at 9.52 GW as of 31 March 2024.

“In 2023-24, ReNew won auctions to supply 4.8 GW (PPA) RE (renewable energy) capacity, accounting for 10.1% of the total capacity for which tenders were concluded during the year. Looking ahead, this would enable us to double our RE asset portfolio to 20 GW by 2027-28,” the company said in a statement.

Sumant Sinha, chairperson and chief executive officer, ReNew, said, “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.”

Speaking to Mint, Sinha said the company is shifting its focus to round-the-clock (RTC) renewable energy projects, and highlighted its preference for battery energy storage systems due to their shorter setup times for grid-scale implementation.

ReNew has a joint venture with US-based Fluence to offer energy storage solutions in India. 

ReNew operates 150 renewable energy sites across 10 Indian states, has a presence in the commercial and industrial (C&I) sector, and participates in the solar module and cell manufacturing ecosystem. The company contributed approximately 10% to India’s total solar and wind energy production in the last fiscal year.

As of 31 December 2023, ReNew’s balance sheet was valued at approximately $10.6 billion ( ₹88,600 crore), ensuring strong funding visibility for its current and future projects, the company said.

In February, Mint had reported that ReNew was in talks with Singapore’s Sembcorp Industries Ltd to sell solar energy projects totalling 350 megawatts (MW), with the deal potentially valued at around $241 million at the enterprise level and approximately $121 million in equity terms.

In January, ReNew announced the refinancing of non-convertible debentures (NCDs) worth ₹2,391 crore, issued by its subsidiaries in October 2020 to India Green Energy Holdings, a Mauritius-based SPV, which had raised $325 million through senior secured bonds to subscribe to these NCDs.

For the third quarter of fiscal year 2024, ReNew reported a net loss of ₹321.6 crore, an improvement from the ₹401.3 crore loss in the same quarter of the previous year. Total income for the October-December period was at ₹1,929 crore, a nearly 20% increase from a year ago.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Published: 10 Apr 2024, 07:09 PM IST