ReNew Power doubles installed capacity from 1000 MW to 2000 MW
Leading renewable energy developer ReNew Power Ventures has more than doubled its installed capacity in a single year from 1000 MW to 2000 MW, with an investment of Rs. 6,700 crore, or about $1billion.
The company, in which Goldman Sachs, Global Environment Fund in the US, Abu Dhabi Investment Authority and Asian Development Bank have invested significantly, said it has added 430 MW of solar and 626 MW of wind capacity in 2016-17.
“In April 2016, we were the first company in India to achieve 1000 MW of commissioned renewable energy capacity,”aid Sumant Sinha, Chairman and CEO, Re-New Power.
“The doubling of capacity in one year is a testament to great teamwork, coupled with our commitment to contributing roughly 10 per cent to the government’s clean energy growth target.”
Founded in 2011 by Sinha, and starting initially with wind power, ReNew Power installed 200 MW in 2011-12. It ventured into solar in 2013. In February 2017, Re-New Power raised Rs 3100 crore through an issue of rupee denominated bonds to an overseas special purpose vehicle. The company, which had only 200 MW of capacity in 2011/12, said it had crossed a major milestone. Our growth is organic, the capacity has doubled on a significant base of 1GW, and we are committed to focus on high quality projects to create positive returns for our stakeholders, Sinha said.