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ReNew grows to over 10 GW in renewable energy capacity

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In Short:

ReNew has completed the construction of over 10 GW of renewable energy assets, with a revenue-generating capacity of 9.52 GW as of March 31, 2024. The company added 1,174 MW of solar and 768 MW of wind energy capacity in FY24. ReNew aims to double its clean energy generation and become carbon neutral by 2040. The company has a strong balance sheet and plans to expand to 20 GW by 2027-28.

ReNew Hits Milestone: Over 10 GW of Renewable Energy Assets

Wow! Big news from ReNew – they’ve finished building a whopping 1.94 gigawatts (GW) of renewable energy assets in the financial year 2024. This achievement pushes their total capacity to over 10 GW – that’s a huge amount of clean energy!

As of March 31, 2024, ReNew has revenue-generating assets totaling 9.52 GW. They’ve recently added 1,174 megawatts (MW) of solar power and 768 MW of wind energy in the last financial year alone. Talk about making strides in clean energy production!

Leading in Capacity Additions

ReNew proudly shared that their 768 MW wind energy addition in FY24 is among the highest by any company in India in a single year. They now hold India’s largest wind portfolio, with a capacity of 4.7 GW, representing 10.5% of the country’s total wind energy capacity. Impressive, right?

Eyeing the Future

In the past year, ReNew contributed around 10% of India’s total solar and wind energy generation. They also secured bids to supply 4.8 GW of renewable energy capacity, making up 10.1% of the total capacity tendered in the year. Looking forward, they aim to double their renewable energy assets to 20 GW by 2027-28 – ambitious goals ahead!

  • Also read: ReNew reports net loss of ₹322 crore in Q3

Expansion Plans in Motion

ReNew‘s Chairperson and CEO, Sumant Sinha, shared exciting news – they plan to double their clean energy output in the coming years, striving to achieve carbon neutrality by 2040. With a capacity nearing 10 GW, ReNew aims to generate 21 billion units of clean electricity, powering 5.9 million homes and averting 17 million tonnes of CO2 emissions annually.

The company’s journey began with a 25 MW wind project in Gujarat and expanded into solar energy in 2014. By hitting milestones like surpassing 1 GW operating capacity in 2016 and reaching 5 GW in 2019, they’ve shown their commitment to sustainable energy.

ReNew expressed confidence in their growth plans, citing a balance sheet of approximately $10.6 billion (₹88,600 crore) as of December 31, 2023. They have secure funding in place for ongoing and future projects, setting a strong foundation for their expansion.

This is a remarkable journey for ReNew in the renewable energy sector, shaping a cleaner and greener future for generations to come!

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