Company will embrace technology even further, says Sinha
ReNew Power, India’s leading renewable energy company, has been named to the World Economic Forum’s (WEF) Global Lighthouse Network, which recognizes companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth.
In announcing ReNew’s appointment, the WEF specifically noted the company’s recent investments in digital analytics and machine learning to increase the power yield, and decrease the downtime, of its solar and wind generation assets, as factors in its appointment.
ReNew is one of only two Indian companies to be recognized by the Global Lighthouse Network this year.
As announced on 24 February 2021, ReNew has entered into definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB, RMGBW, RMGBU), a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
ReNew’s Hubli facility was specifically nominated as a Global Lighthouse for its groundbreaking work in development and deployment of advanced analytics and machine learning solutions to increase the yield of ReNew’s wind and solar assets.
The technology deployment helped ReNew improve employee productivity by 31% and reduce downtime for its assets by 31%, without incurring any additional capital expenditure.
“The recognition is a testament to our transformation efforts as we embark on our journey to become a data driven, clean energy enterprise supporting India’s clean energy transition,” Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power, said on 15 Mar 2021.
“As we gain scale, we will embrace technology even further, in a manner that helps us respond better to disruptions, prepare for shifts in supply-demand balance, and prioritize workforce development,” said Sinha, expressing delight to be named a Global Lighthouse company by the World Economic Forum.
The WEF Global Lighthouse Network is a group of 69 factories which serve as a platform to develop, replicate, and scale innovations, creating opportunities for cross-company learning and collaboration, while setting new benchmarks for the global manufacturing community.
Speaking about the Global Lighthouse Network, Enno de Boer, Partner, McKinsey & Company and Global Lead of its manufacturing work remarked, “The 69 Lighthouse manufacturers open a window into the future of operations.
“Though no industry is immune from digital transformation, four sectors are resetting benchmarks – Advanced Industries, Consumer Packaged Goods, Pharmaceutical and Medical products, and Heavy Industries. We are seeing a paradigm shift emerge, from reducing cost to more focus on enabling growth and environmental sustainability. The Lighthouses are proving that unlocking smart capacity through digital technologies is more effective than spending on capital infrastructure.”
“This is a time of unparalleled industry transformation,” added Francisco Betti, Head of Shaping the Advanced Manufacturing and Production, World Economic Forum, about the Lighthouse program.
“The future belongs to those companies willing to embrace disruption and capture new opportunities. Today’s disruptions, despite their challenges, are a powerful invitation to re-envision growth. The lighthouses are illuminating the future of manufacturing and the future of the industry,” stressed Betti.
ReNew Power Private Limited is India’s leading renewable energy independent power producer (IPP) by capacity and is the 13th largest global renewable IPP by operational capacity.
The Global Lighthouse Network is a community of production sites and other facilities that are world leaders in the adoption and integration of the cutting-edge technologies of the Fourth Industrial Revolution (4IR).
Lighthouses apply 4IR technologies such as artificial intelligence, 3D-printing and big data analytics to maximize efficiency and competitiveness at scale, transform business models and drive economic growth, while augmenting the workforce, protecting the environment, and contributing to a learning journey for all-sized manufacturers across all geographies and industries.
The Global Lighthouse Network is a World Economic Forum project in collaboration with McKinsey & Co, factories and value chains that join the Network are designated by an independent panel of experts. #technology #solar #renewables #OPEC #WEF /fiinews.com
