ReNew Power

ReNew Power Limited is an Indian renewable energy company headquartered in Gurgaon, Haryana, India.[1][2] It is an independent power producer (IPP) with an installed capacity of more than 5600 MW [3] across the states of Rajasthan, Madhya Pradesh, Karnataka, Andhra Pradesh, Telangana, Maharashtra and Gujarat,[4] ReNew Power commissioned its first wind farm project in Mahidad - Rajkot district in Gujarat in 2012. Shri. Narendra Modi, the Prime Minister of India, inaugurated the 25.2 MW wind farm at Jasdan.[5]

ReNew Power limited
IndustryRenewable energy
Founded2011 (2011)
FounderSumant Sinha
Headquarters
Gurgaon, Haryana
,
India
Area served
India
Key people
ProductsWind Power, Solar Power, Solar Rooftop Power
Number of employees
1300+ (Dec 2019)
Websiterenewpower.in

Gamesa Wind Turbines Ltd. successfully competed for a contract from ReNew to supply[6] wind turbines for different projects worth 75 MW, in the state of Maharashtra in 2012.[7] ReNew Power also awarded a 100 MW project worth Rs.750 crore to Suzlon Energy in June 2014[8] and won a 57.5 MWp ground mounted grid connected Solar PV project in Madhya Pradesh in 2014. With an active foray into solar and solar rooftop, it has recently commissioned a 300 kWp roof top grid connected Solar PV project in the National Capital Territory of Delhi in 2014.[9]

In September 2015, ReNew launched the first ever infrastructure bond issuance credit enhanced by IIFCL. The issuance of Bonds is to the extent of Rs.451 crore by ReNew Wind Energy (Jath) Ltd., a subsidiary of ReNew Power Ventures Pvt. Ltd., for replacement of the existing debt of the infrastructure project company.[10] ReNew Power commissioned first hybrid towers in India at Bhesada, Rajasthan. These towers are the tallest wind turbines in India and this is the first time that hybrid towers are installed on shore anywhere in the world.[11]

ReNew Power has a pipeline of close to 1400 MW solar and wind projects. ReNew Power aims to take its project portfolio to more than 2000 MW by 2017 end.[12]

History

Sumant Sinha established ReNew power in 2011[13] and it received equity infusion from Goldman Sachs[14] in September month of same year. The company commissioned its first project at Jasdan in Gujarat on May 6, 2012 and grew since then[15]. In 2016, ReNew became the first renewable energy IPP to raise rupee denominated masala bonds[16] and the very same year achieved 1GW capacity[17], becoming the first company in India to achieve it.[18][19]

In 2016, ReNew power launched IIT centre of excellence to collaborate with the institution in research and technology development.[20][21]

In 2017 JERA (a joint venture between Tokyo Electric Power Co., Inc. and Chubu Electric Power Co.) came on board as an equity holder and in the same year ReNew doubled its capacity again for the third year on the trot.[22][23] In 2018, ReNew power concluded acquisition of Ostro energy and also saw Canadian pension fund CPPIB join the board as an equity investor[24]. Besides this the company also signed MoUs with the states of Andhra Pradesh and Maharashtra for investments in renewable energy sector.[25]

In 2019 ReNew power became the first company in India to partner with Korean major GSE&C in renewable energy sector when both companies decided to jointly develop the SECI-4 project won by ReNew Power in Rajasthan[26].[27][28]. ReNew has concluded a fund raising of US$ 450 million through Dollar bonds recently[29]. The proceeds of this fund will be utilized by the company to retire some of its existing debt.[30]

Project locations[31]

ReNew Power has a portfolio of more than 5600 megawatts (MW) located in 8 States of India.

Wind portfolios are as per below:

StateInstalled Capacity
Gujarat605 MW
Karnataka651.8 MW
Maharashtra390 MW
Rajasthan357 MW
Madhya Pradesh477 MW
Andhra Pradesh717 MW
Telangana60 MW

Solar portfolios:

StateInstalled Capacity
Gujarat40 MW
Karnataka640 MW
Rajasthan140 MW
Tamil Nadu100 MW
MP101.2 MW
AP67.8 MW
Telangana588.8 MW

Awards
  • Wind Energy Developer of the Year at 4th Wind IPP Summit Awards 2014-15
  • Central Board of Irrigation & Power (CBIP) Award for Excellence in Renewable Energy project execution
  • IWPA Award for best performing wind farms 2013-14 & 2014-15
  • Energy & Environment Foundation Environment Award- Gold Category at the EEF "Global Awards 2015"
  • CSR Leadership Award at National Awards for Excellence in CSR and Sustainability "CSR Leadership Award – 2015"
  • Women Leadership Award - 2015 at 5th Asia Best CSR Practices Awards 2015
  • Best Corporate Social Responsibility Practices Award at 5th Asia Best CSR Practices Awards 2015
  • Skoch Smart Technology Award 2015

See also

References
  1. Seetharaman, E. (21 April 2011). "Sumant Sinha starts own firm". dna. Retrieved 3 September 2014.
  2. Mukul, Jyoti (31 October 2019). "ReNew Power becomes 11th firm globally to reach 5,000-Mw green capacity". Business Standard India. Retrieved 27 May 2020.
  3. "ReNew Power crosses 1,000 MW of installed capacity". Business Today. 11 April 2016. Retrieved 20 April 2016.
  4. "ReNew Power Enters Into an Agreement With Hareon Solar, China". PR Newswire. 6 July 2015. Retrieved 31 July 2015.
  5. "ReNew Power: Renewing growth with wind power". Infrastructure Today. June 2012. Retrieved 3 September 2014.
  6. www.ETEnergyworld.com. "Siemens Gamesa bags 150 MW wind project order from ReNew Power - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 May 2020.
  7. "ReNew Power: Renewing growth with wind power". Energy Next. 24 August 2012. Retrieved 25 September 2014.
  8. "Suzlon bags Rs. 750 cr order from ReNew Wind Power". The Hindu BusinessLine. 5 June 2014. Retrieved 3 September 2014.
  9. "Goldman Backed ReNew Power Secures Additional Funding". Dealcurry. 3 July 2014. Retrieved 4 September 2014.
  10. "IIFCL launches first infrastructural bond issuance". Hindu Business Line. 23 September 2015. Retrieved 12 September 2015.
  11. "ReNew Power commissions first of its kind hybrid towers". Telegraph India. 21 September 2015. Retrieved 12 September 2015.
  12. Shaikh, Ahemad (11 April 2016). "ReNew Power crosses 1,000 MW of installed capacity". The Times of India. Retrieved 20 April 2016.
  13. Sengupta, Debjoy (11 April 2016). "ReNew Power first Indian company to achieve 1GW solar capacity". The Economic Times. Retrieved 27 May 2020.
  14. Jai, Shreya (3 July 2014). "ReNew Power receives $140 million equity funding, to go public by next year". The Economic Times. Retrieved 27 May 2020.
  15. Devjyot Ghoshal, qz com. "A former Wall Street banker is building India's largest clean energy company". Scroll.in. Retrieved 27 May 2020.
  16. "India takes the spice out of Masala bonds". Reuters. 12 June 2017. Retrieved 27 May 2020.
  17. Sengupta, Debjoy (11 April 2016). "ReNew Power first Indian company to achieve 1GW solar capacity". The Economic Times. Retrieved 27 May 2020.
  18. www.ETEnergyworld.com. "ReNew Power raises $375 million via green bonds - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 May 2020.
  19. "ReNew Power". Climate Bonds Initiative. 13 February 2017. Retrieved 27 May 2020.
  20. "ReNew Power | Indian Institute of Technology Delhi". old.iitd.ac.in. Retrieved 27 May 2020.
  21. Sood, Naina. "Renew Power Collaborates With IIT To Launch Research Facility On Renewable Energy". BW Businessworld. Retrieved 27 May 2020.
  22. Bhaskar, Utpal (14 February 2017). "Japan's JERA acquires 10% stake in ReNew Power for $200 million". Livemint. Retrieved 27 May 2020.
  23. "Japan's JERA Enters India, Picks Up 10% Stake In ReNew Power Ventures". Forbes India. Retrieved 27 May 2020.
  24. "Canada's pension fund invests $247 m in ReNew Power for Ostro acquisition". The Financial Express. 3 April 2018. Retrieved 27 May 2020.
  25. "ReNew Power secures fresh $350 million from US investor". pv magazine India. Retrieved 27 May 2020.
  26. Kumar, V. Rishi. "Greenko, Renew Power bag SECI mega renewable cum storage based projects". @businessline. Retrieved 27 May 2020.
  27. Reporter, B. S. (11 December 2019). "ReNew Power forms joint venture with Korean major GSE&C for Rajasthan unit". Business Standard India. Retrieved 27 May 2020.
  28. "ReNew Power partners with GS E&C to execute solar project in Rajasthan". The Economic Times. 11 December 2019. Retrieved 27 May 2020.
  29. Saxena, Ridhima (22 January 2020). "ReNew Power raises $450 million through dollar bonds". Livemint. Retrieved 27 May 2020.
  30. "ReNew Power likely to have priced its dollar bonds". The Financial Express. 22 January 2020. Retrieved 27 May 2020.
  31. "ReNew Power". Renewable Watch. 9 August 2019. Retrieved 27 May 2020.
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