Founded in 2011 by Sumant Sinha, ReNew Power (Nasdaq ticker: RNW) (“ReNew”), a subsidiary of ReNew Energy Global PLC, is one of the largest renewable energy independent power producers (IPPs) in India and globally with a portfolio of more than 120 operational utility-scale wind, solar and hydro energy projects spread across 9 Indian states. The Company also caters to commercial and industrial customers across India.
ReNew was the first Indian renewable energy company to cross commissioned capacity milestones of 1 gigawatt (GW), 2 GW and 5 GW, and is presently the only company in the Indian renewable energy sector with ~7.6 GW* of operational capacity. The Company currently has an aggregate capacity of 13.2 GW* (including capacity already won in competitive bids).
ReNew’s growth has been aided by stable cash flows, secured through long-term contracts with well-regarded counterparties. Currently, ReNew’s total utility-scale committed capacity is contracted under power purchase agreements (PPAs) with an average duration of more than 24 years. Many ofthese contracts are with central government agencies, such as the Solar Energy Corporation of India (SECI) and NTPC Limited. Over the last 10 years, ReNew has also forged a robust and well diversified network of suppliers, enabling adoption of the best technologies, at optimal cost, across its projects portfolio.
Beyond generation of clean power, ReNew Power has also developed expertise in ancillary areas such as energy storage. In 2020, ReNew Power also won two unique tenders floated by SECI to ensure firm, reliable, and affordable supplies of green power. This included India’s first tender for round-the-clock power supply from renewables, and a tender for a renewable energy project to address peak power demand by combining wind-solar hybrid generation with battery storage.
ReNew is setting up a joint venture with Fluence to boost energy storage sector in India that will aim to meet the needs of local customers across India. Additionally, ReNew has entered into a partnership agreement with L&T, India’s leading engineering company, to jointly develop, own, execute and operate green hydrogen projects in India. During 2020, ReNew also entered into the emerging digital services business with the acquisition of Climate Connect – a Pune based company (India) and a leading player in AI-enabled grid management and load forecasting.
Over the years, the success and growth of ReNew has been noted by the media, industry bodies & public at large and the company has won several notable recognitions. In March 2021, ReNew also became the first renewable energy company in the world to be recognised a ‘Lighthouse’ by the World Economic Forum. The WEF 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). ReNew is India’s only renewable energy unicorn as per the Hurun India Unicorn Index 2020. Some of the other recent ones include Clean Energy Transition Award at the Reuters Responsible Business Awards 2020, Rising Star Company Award at the S&P Platts Global Energy Awards 2019 and the CSR Program of the Year at the 2020 edition of the same awards, the ET Innovation Award 2019 and a host of other national and industry level awards.
(*As of August, 2022)
ReNew Power has often gone beyond its business of providing clean energy to integrate sustainability deep into its ethos and operations. We realize that it is not enough to be in a clean business, but that we should conduct our business in a clean manner also. Starting in 2018, the company began measuring its non-financial data using the Global Reporting Initiative framework for these disclosures. We are now formalizing a formal ESG strategy to align our business more closely with sustainability considerations, and employees in ReNew are often given workshops so that sustainability is understood and ingrained deeper in the DNA of each employee. We also have associations with various leading organizations like UNEP, UNDP, The Climate Group, UNGC and so on, and have made commitments in the public platform to adhere to sustainability norms. We are signatories to the UNGC 10 principles, Women Empowerment Principles, GRI South Asia Charter on Sustainability Imperatives among others. We have also pledged support to the Terra Carta – a sustainability charter unveiled by HRH Prince of Wales, which puts sustainability at the centre of the global recovery plan till 2030, with private sector involvement driving this effort.