ReNew
TypePublic
Nasdaq: RNW
IndustryRenewable energy
FoundedJanuary 19, 2011 (2011-01-19)
FounderSumant Sinha
Headquarters
Gurgaon, Haryana
,
India
Area served
India
Key people
ProductsWind power, Solar power, Solar rooftop power, Hydroelectric power
RevenueIncrease ₹8,930 crore (US$1.1 billion) (FY23)[1]
Increase ₹6,200 crore (US$780 million) (FY23)[1]
Positive decrease ₹−502 crore (US$−63 million) (FY23)[1]
Owners
Number of employees
1382 (Jan 2022)
Websitewww.renewpower.in

ReNew is India's largest renewable energy company by operational capacity.[3] Based in Gurgaon, Haryana, it has an asset base of over 10 GW, with around 5 GW operational.[4] ReNew Power operates over 110 projects across 18 states in India,[5][6] developing, building, owning and operating utility-scale wind and solar energy projects, including distributed solar energy production for commercial and industrial consumers.[7]

The company rebranded itself as Renew in February 2023, as per an announcement carried on Nasdaq.[8]

History

Sumant Sinha started ReNew Power in 2011[9] and Goldman Sachs invested that September.[10] The company began its first project at Jasdan in Gujarat in May 2012.[11] In 2016, ReNew became the first renewable energy IPP to raise rupee-denominated masala bonds[12] and the same year became the first Indian renewable energy company to achieve 1 GW capacity.[9][13][14]

In 2016, ReNew Power launched an IIT centre of excellence to collaborate with the institution in research and technology development.[15][16]

In 2017 JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power) became an equity holder and ReNew doubled its capacity for the third year.[17][18] In 2018, ReNew Power acquired Ostro Energy and Canadian pension fund CPPIB became an equity investor.[19] The company also signed MoUs with the states of Andhra Pradesh and Maharashtra for investments in renewable energy sector.[20]

In 2019, ReNew Power became the first company in India to partner with Korean company GSE&C in renewable energy, jointly developing the SECI-4 project in Rajasthan.[21][22][23] ReNew raised US$450 million through dollar bonds[24] to retire some existing debt.[25] In July 2020, ReNew Power announced that it will manufacture solar cells and modules in India for 2 GW capacity.[26]

During the COVID-19 pandemic, ReNew Power agreed to donate Rs. 20 Crores for mitigation.[27][28][29]

On February 24, 2021, ReNew Power announced that it would go public through its merger with a SPAC called RMG Acquisition Corporation II.[30] The merged company will be ReNew Energy Global PLC and listed on NASDAQ.[31] ReNew was listed on the NASDAQ on 24 August 2021 under the symbol "RNW".[32] The value of the transaction is around $8 billion.[2]

In August 2021, ReNew Power announced an acquisition plan for 99 MW hydroelectric power plant from L&T.[33]

Project locations

ReNew Power has a portfolio of more than 10,214 megawatts (MW) located in eight states of India.[34][35]

State Installed Wind Capacity
Andhra Pradesh717 MW
Karnataka651.8 MW
Gujarat950 MW
Madhya Pradesh477 MW
Maharashtra390 MW
Rajasthan357 MW
Telangana60 MW
State Installed Solar Capacity
Karnataka640 MW
Telangana588.8 MW
Rajasthan140 MW
Madhya Pradesh101.2 MW
Tamil Nadu100 MW
Andhra Pradesh67.8 MW
Gujarat40 MW

Awards

Awards won by ReNew Power include the ET Process Innovation Award, 2019,[36] the Champion of Tomorrow at CEO Award 2018,[37] Corporate Social Responsibility Award at FICCI CSR Awards 2018,[38] Outstanding Start up at Forbes India Leadership Award 2017,[39][40] innovation award in EHS by CII. In 2020, it was named as S&P Platts Global Rising Star Company of the Year.[41]

See also

References

  1. 1 2 3 "ReNew Announces Results for the Fourth Quarter (Q4 FY23) and Fiscal 2023, both ended March 31, 2023". ReNew. Retrieved 10 August 2023.
  2. 1 2 "ReNew Power Takes SPAC Route, First Such Major Deal By An Indian Company, To List On Nasdaq". Moneycontrol. 24 February 2021. Retrieved 25 February 2021.
  3. ↑ "ReNew Power the first Indian company to cross 5 GW renewables mark". pv magazine India. November 2019. Retrieved 28 August 2020.
  4. ↑ "India's ReNew Power Aims At 20 Gigawatts Of Renewable Capacity". CleanTechnica. 17 July 2020. Retrieved 28 August 2020.
  5. ↑ Ranjan, Rakesh (5 June 2020). "ReNew Power Acquires Climate Connect". Mercom India. Retrieved 28 August 2020.
  6. ↑ "ReNew Power, India's leading Solar Energy and Wind Energy Company". ReNew Power. Retrieved 15 September 2021.
  7. ↑ Ranjan, Rakesh (20 November 2019). "Azure Power and ReNew Power Were the Top Utility-Scale Solar Developers During 1H 2019". Mercom India. Retrieved 10 September 2020.
  8. ↑ "ReNew unveils new brand identity as it reinforces leadership in providing decarbonisation solutions". 13 February 2023.
  9. 1 2 Sengupta, Debjoy (11 April 2016). "ReNew Power first Indian company to achieve 1GW solar capacity". The Economic Times. Retrieved 27 May 2020.
  10. ↑ 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.
  11. ↑ Devjyot Ghoshal, qz com (7 June 2017). "A former Wall Street banker is building India's largest clean energy company". Scroll.in. Retrieved 27 May 2020.
  12. ↑ "India takes the spice out of Masala bonds". Reuters. 12 June 2017. Retrieved 27 May 2020.
  13. ↑ www.ETEnergyworld.com. "ReNew Power raises $375 million via green bonds - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 May 2020.
  14. ↑ "ReNew Power". Climate Bonds Initiative. 13 February 2017. Retrieved 27 May 2020.
  15. ↑ "ReNew Power | Indian Institute of Technology Delhi". old.iitd.ac.in. Retrieved 27 May 2020.
  16. ↑ Sood, Naina. "Renew Power Collaborates With IIT To Launch Research Facility On Renewable Energy". BW Businessworld. Retrieved 27 May 2020.
  17. ↑ Bhaskar, Utpal (14 February 2017). "Japan's JERA acquires 10% stake in ReNew Power for $200 million". Livemint. Retrieved 27 May 2020.
  18. ↑ "Japan's JERA Enters India, Picks Up 10% Stake In ReNew Power Ventures". Forbes India. Retrieved 27 May 2020.
  19. ↑ "Canada's pension fund invests $247 m in ReNew Power for Ostro acquisition". The Financial Express. 3 April 2018. Retrieved 27 May 2020.
  20. ↑ "ReNew Power secures fresh $350 million from US investor". pv magazine India. 22 February 2019. Retrieved 27 May 2020.
  21. ↑ Kumar, V. Rishi (February 2020). "Greenko, Renew Power bag SECI mega renewable cum storage based projects". @businessline. Retrieved 27 May 2020.
  22. ↑ 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.
  23. ↑ "ReNew Power partners with GS E&C to execute solar project in Rajasthan". The Economic Times. 11 December 2019. Retrieved 27 May 2020.
  24. ↑ Saxena, Ridhima (22 January 2020). "ReNew Power raises $450 million through dollar bonds". Livemint. Retrieved 27 May 2020.
  25. ↑ "ReNew Power likely to have priced its dollar bonds". The Financial Express. 22 January 2020. Retrieved 27 May 2020.
  26. ↑ "ReNew Power to make foray into solar cell, module manufacturing". Livemint. 16 July 2020. Retrieved 17 July 2020.
  27. ↑ "ReNew Power commits Rs 20 cr to fight COVID-19". Business Insider. Retrieved 10 September 2020.
  28. ↑ "ReNew Power commits Rs 20 cr to fight COVID-19". www.outlookindia.com/. Retrieved 10 September 2020.
  29. ↑ www.ETEnergyworld.com. "ReNew Power commits Rs 20 crore for fight against Covid-19 - ET EnergyWorld". ETEnergyworld.com. Retrieved 10 September 2020.
  30. ↑ "Chamath Palihapitiya unveils investment in ReNew Power, India's largest clean energy company that's set to go public via SPAC". www.msn.com. Retrieved 24 February 2021.
  31. ↑ "ReNew Power, India's Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction". www.businesswire.com. 24 February 2021.
  32. ↑ Mohanty, Shashwat. "ReNew Power set to list on NASDAQ on August 24". The Economic Times. Retrieved 20 August 2021.
  33. ↑ "L&T to divest entire stake in hydroelectric power project to Renew Power". 11 August 2021.
  34. ↑ https://www.sebi.gov.in/sebi_data/attachdocs/may-2018/1525930664430.pdf
  35. ↑ "ReNew Power". Renewable Watch. 9 August 2019. Retrieved 27 May 2020.
  36. ↑ "2018-19 Winners – The Economic Times Innovation Awards 2019". Retrieved 10 September 2020.
  37. ↑ "Winners". CEO Awards. Retrieved 10 September 2020.
  38. ↑ "Nuvoco wins the FICCI CSR Award 2018-19 for education, Cemnet News, Aug 4, 2020". ficci.in. Retrieved 10 September 2020.
  39. ↑ "Forbes India Leadership awards: Hari Mohan Bangur is entrepreneur of the year, Adi Godrej picks up for lifetime achievement". Firstpost. 15 November 2017. Retrieved 10 September 2020.
  40. ↑ "ReNew Power Ventures: Impressing Investors With Outstanding Performance". Forbes India. Retrieved 10 September 2020.
  41. ↑ "Winners | S&P Global Platts Global Energy Awards". www.spglobal.com. Retrieved 10 September 2020.
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