ReNew Crosses 10 GW of Gross Renewable Energy Assets

by Psu Connect
Date: 11-04-24

Taking into account the assets that have been sold, the company's revenue-generating capacity stands at 9.52 GW as of March 31, 2024.

ReNew Crosses 10 GW of Gross Renewable Energy Assets

Renew, one of the largest clean energy companies in the world, announced on Wednesday that it has completed the construction of 1.94 GW of renewable energy assets in the fiscal year 2024, which brings the company's cumulative capacity to over 10 GW.

Taking into account the assets that have been sold, the company's revenue-generating capacity stands at 9.52 GW as of March 31, 2024. In FY24, the company added 1,174 MW of solar and 768 MW of wind energy, which is one of the highest-ever capacity additions of wind energy among all companies in India in a single year.

In FY24, ReNew contributed approximately 10 percent of India's total solar and wind energy generation. 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) RE capacity, accounting for 10.1 percent of the total capacity for which tenders were concluded during the year. Looking ahead, this would enable the Company to double our RE asset portfolio to 20 GW by 2027/28.

ReNew has a deep presence across the country with over 150 renewable energy sites across 10 Indian states and employs more than 4,000 people. The Company is among the top ten renewable energy companies globally (ex-China), thanks to its balanced portfolio of solar and wind energy. It has also achieved backward integration through the manufacturing of solar modules and cells. ReNew's B2B vertical has marquee customers such as Amazon, Microsoft, Toyota, Suzuki, Ultratech Cement, and DCM Shriram.

ReNew's expansion plans are driven by its strong fundamentals. As of December 31, 2023, the Company has a balance sheet size of around US$ 10.6 billion (Rs 88,600 crore), with strong visibility of funding for current and future projects.

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