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The company, which has an installed capacity of 9.5 GW, is looking to invest both in wind and solar projects going forward that will require investments at the rate of about Rs 5.5 crore per MW, he said.
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India has 186 GW non-fossil fuel-based installed power generation capacity at present, the Union Minister of Power, New and Renewable Energy said.
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In August 2022, the country's largest stainless steel player partnered with Hygenco India Private Limited to set up a green hydrogen plant.
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ReNew aims to provide solutions that will enable companies and countries to make a rapid, urgent and ethical transition towards clean energy, said Sumant Sinha, Chairman and CEO, ReNew.
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Moneycontrol’s Rachita Prasad catches up with the managing director of ReNew Power on the sidelines of the India Energy Week to discuss India’s transition to clean energy, the government's push for green hydrogen and the company’s upcoming joint venture with IOCL and L&T. Watch the video to find out what does the company has in-store for a cleaner future.
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Speaking at a session on 'Different roads to energy transition', he also said the energy transition began quite early in India and the process has got a huge leg up now.
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Founded by Sumant Sinha in 201, ReNew Power is the Indian arm of Nasdaq-listed ReNew Energy Global Plc
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The project will be implemented in phases, the first of which will be a pilot phase to produce 20,000 tonnes of green hydrogen, along with derivatives, annually.
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India is doing a lot for clean energy but needs to turbocharge the sector, says Sumant Sinha
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“Green hydrogen is going to be a more global business, a tradable business, so we are looking at opportunities for setting up green hydrogen hubs both in India as well as overseas,” Chairman Sumant Sinha said in an interview with Bloomberg Television.
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During January-September 2022, the energy storage segment garnered $22 billion funding through 92 deals. This is 69 percent higher compared to the $13 billion raised in 74 deals in the year-ago period.
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ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally. The company currently has an aggregate capacity of 13.2 gigawatt (GW), including capacity already won in competitive bids.
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Sinha, who served as the chief operating officer of Suzlon Energy in 2008-2010, says Tanti was very supportive when he started his own company. A lot of renewable energy industry veterans have cut their teeth at Suzlon
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Sumant Sinha, Founder, Chairman and CEO, ReNew, said the company's work with global leaders such as Amazon is critical in decarbonising the corporate sector and the broader economy.
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Due to a few adjustments to one-time expenses, ReNew Power on Friday recorded a loss of Rs. 10.4 crore for the April-June quarter of FY23.
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The programme will initially train 60 to 100 women in the first phase and then scale it up to a 1,000.
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Leaders at the World Economic Forum emphasized the need to get the capital component right in expanding the renewable energy space and the role multilateral institutions and political leaderships will play in facilitating it.
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ReNew signed a 400 MW Round-The-Clock (RTC) PPA last year to supply electricity to the Solar Energy Corporation of India (SECI).
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The three companies announced the setting up of a joint venture that will focus on developing green hydrogen projects on April 4.
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IOCL and L&T have also signed a binding term sheet to form another joint venture with equity participation to manufacture and sell electrolyzers used in the production of green hydrogen.
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ReNew aims to develop around 250 megawatts (MW) of wind-solar hybrid projects in Gujarat for the C&I consumers, just as it has done at Vilayat in Bharuch.
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The first phase of the hybrid project, with 17.6 MW commercial-scale wind-solar, commenced operations last week and is expected to generate 80 million units of renewable energy every year, mitigating 75,000 tCO2e (carbon emissions) annually, the company said in a statement.
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ReNew Power's shares have lost a third of their value since the SPAC deal in August 2021
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The company says the sale of business is a part of its increased focus on projects with higher-return and large-scale opportunities.
