ReNew Power, established in 2011 by Sumant Sinha and a subsidiary of ReNew Energy Global PLC, is one of India’s largest renewable energy IPPs in terms of total energy generation capacity. Since commencing operations with a 25.2 MW wind project in Jasdan, Gujarat, the company has grown exponentially. It was the first Indian renewable energy company to cross 1 GW of operational capacity, and is presently the only company in this sector in India with over 5 GW of operational capacity. Currently ReNew is ranked among India’s top companies across sectors by asset size.
ReNew Power develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. Currently, ReNew Power operates across 9 states in India and involved in over 110 utility-scale project. In 10 years of its operation, ReNew projects have generated many jobs, directly and indirectly.
ReNew has a strong track record of organic and inorganic growth; we were the first company in our domain to reach 1 GW of commissioned capacity and nearly doubled our operational capacity in three consecutive Fiscal Years from 2015-18. It has achieved market leadership in the Indian renewable energy industry against the backdrop of the Govt. of India’s policies to promote growth of this sector.
The steady growth in operational capacity has been both organic and through acquisitions, with Ostro Energy being a notable acquisition in 2018. This has been the largest acquisition for the company till date and reinforced its already strong position in the Indian market.
ReNew Power is backed by marquee investors from across the globe such as Goldman Sachs, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, JERA (a joint venture between two of Japan’s largest utilities companies, Tokyo Electric Power Co., Inc. and Chubu Electric Power Co.) and Global Environment Fund. The Company continues to work with its shareholders and advisers on various strategic options for the business, including raising capital etc.
Over the years, the success and growth of ReNew Power has been noted by the media, industry bodies & public at large and the company has won several notable recognitions. In March 2021, ReNew Power 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). 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, host of other national and industry level awards.
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.