Sinha works on having completely carbon neutral company by 2040
ReNew’s (Nasdaq: RNW, RNWWW) would double RE asset portfolio to 20 GW by 2027/28, supported by a balance sheet of around US$10.6 billion (~Rs.88,600 crore), with strong visibility of funding for current and future projects as of 31 Dec 2023.
In 2023-24, ReNew won auctions to supply 4.8 GW (PPA) RE capacity, accounting for 10.1% of the total capacity for which tenders were concluded during the year.
ReNew announced on 10 Apr completion of 1.94 GW of RE assets in FY24, taking the cumulative capacity set up by the company to over 10 GW.
ReNew Founder, Chairperson and Chief Executive Officer Sumant Sinha said on 10 Apr, “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.
“ReNew continues to be at the heart of India’s transformation as a clean energy leader and our ambitions now are even bigger.”
The company’s expansion of its operational capability comes as India targets to achieve 500 GW of non-fossil fuel energy capacity and reduce its projected carbon emissions by one billion tonnes by 2030.
Accounting for assets sold, the company’s revenue generating capacity stands at 9.52 GW as on 31 Mar 2024. It added 1,174 MW of solar and 768 MW of wind energy during FY24. “This is one of the highest ever capacity additions of wind energy among all companies in India, in a single year,” said Sinha.
In FY24, ReNew contributed approximately 10% of India’s total solar and wind energy generation. The company has India’s largest wind portfolio of 4.7 GW, representing 10.5% of India’s total wind energy capacity.
ReNew has a deep presence across the country with over 150 renewable energy sites across 10 Indian states. It has also achieved backward integration through the manufacturing of solar modules and cells. ReNew’s B2B vertical has marquee customers such as Amazon, Microsoft, Toyota, Suzuki, Ultratech Cement and DCM Shriram. Fiinews.com
