ReNew crosses 10GW of gross renewable energy assets in India

Of the 1.94 GW (1,940 MW) capacity worth Rs 10,840 crore, ReNew added 1,174 MW of solar and 768 MW of wind energy during FY24

The renewable energy assets set up by Gurugram-based green energy firm ReNew (NASDAQ: RNW) has crossed 10 gigawatt (GW), the company announced on April 10.

"ReNew has completed construction of 1.94 GW of renewable energy assets in FY24, taking the cumulative capacity set up by the company to over 10 GW. Accounting for assets sold, the company’s revenue generating capacity
stands at 9.52 GW as on March 31, 2024," ReNew said in a statement.

Of the 1.94 GW (1,940 MW) capacity worth Rs 10,840 crore, the company added 1,174 MW of solar and 768 MW of wind energy during FY24. This is one of the highest ever capacity additions of wind energy among all companies in India, in a single year, ReNew said.

Sumant Sinha, founder, chairperson and chief executive officer of ReNew, told Moneycontrol that in FY24, the company contributed approximately 10 percent of India’s total solar and wind energy generation, "which is by far the largest share of all companies".

He said ReNew will double its renewable energy asset portfolio to 20 GW by 2027-28. "The company has India’s largest wind portfolio of 4.7 GW, representing 10.5 percent of India’s total wind energy capacity. In 2023-24, ReNew won auctions to supply 4.8 GW (PPA) renewable energy capacity, accounting for 10.1 percent of the total capacity for which tenders were concluded during the year."

As on December 31, 2023, ReNew had a balance sheet size of around Rs 88,600 crore ($10.6 billion). The company has over 150 renewable energy sites across 10 Indian states and employs more than 4,000 people. It has now also got into backward integration through the manufacturing of solar modules and cells.

Prior to ReNew, on April 3, Adani Green Energy Ltd said it has commissioned 2,000 MW of solar capacity at the giant Khavda solar park in Gujarat, making it the first company in India with over 10,000 MW (10 GW) of renewable energy capacity.