It was in 2011 that Sumant Sinha set out to give wings to his idea of starting a clean energy company. As the sector was still nascent, one of the big challenges was to raise equity funding to kickstart the company’s first wind energy project. A young startup team, under Sumant’s leadership, began working out of a small office in Mumbai putting together a business plan and investor pitches.
After several rounds of meetings with various investors, the ReNew Power team bagged the confidence of Goldman Sachs that agreed to put in US$ 200 million in the entrepreneurial venture. This was one of the biggest private investment deals in the renewable energy sector in India.
In the statement issued on the announcement in September 2011, Goldman Sachs had said : –
“ReNew Power stands out as an example of Indian entrepreneurial excellence and we look forward to teaming with the management, both financially and operationally, to help the company become a leader in India’s renewable energy sector.“
The company’s wind energy project was commissioned in 2012 in the Rajkot district of Gujarat in 2011. The 25.2 MW project was inaugurated by the then Gujarat Chief Minister Mr. Narendra Modi.
In his address, Mr. Modi had said: –
“It gives me immense pleasure to welcome ReNew Power to Gujarat, our state has been a dominant player in the wind energy market and we look forward to have more and more projects and investments in the state to help build sustainable power source for energy starved India.”
Since then, ReNew Power has achieved several milestones. Under Sumant’s visionary leadership, the company attracted world-class talent to build high-quality projects and create a growth-oriented organization. Over the years, marquee investors including Goldman Sachs, Abu Dhabhi Investment Authority, Asian Development Bank and Global Environment Fund have backed ReNew Power, some with multiple rounds of funding.
The company’s unique CSR program has earned it several awards and accolades and ReNew Power remains committed to improving the lives of people in and around the communities it operates in.
In its 5-year journey, ReNew Power has led the way in the clean energy space and is today a shining example of an entrepreneurial venture that scaled great heights to transform energy and empower India.
ReNew Power is committed to leading a change in the country’s current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India’s carbon footprint. ReNew Power’s mission is to play a pivotal role in meeting India’s growing energy needs in an efficient, sustainable and socially responsible manner. The company creates value through reliable and efficient generation of non-conventional power through innovation in solar and wind power solutions.
Sumant Sinha is the Founder, Chairman & CEO of ReNew Power Ventures Pvt. Ltd., a leading Indian renewable energy Independent Power Producer (IPP). Sumant is also the Chairman of the National Renewable Energy Committee of Confederation of Indian Industry (CII).
Sumant is a thought leader and a regular speaker at both national and international conferences and seminars. He is frequently featured as a business commentator in national print and television media.