ReNew Power

ReNew Power
Industry Renewable energy
Founded 2011 (2011)
Founder Sumant Sinha
Headquarters Gurgaon, Haryana, India
Area served
 India
Key people
Products Wind Power, Solar Power, Solar Rooftop Power
Number of employees
 250 (April 2016)
Website renewpower.in

ReNew Power Ventures Pvt. Ltd. is an Indian renewable energy company headquartered in Gurgaon, Haryana, India.[1] It is an Independent Power Producer (IPP) of clean energy with an installed capacity of more than 1000 MegaWatt [2] across the states of Rajasthan, Madhya Pradesh, Haryana, Karnataka, Andhra Pradesh, Telangana, Maharashtra and Gujarat,[3] ReNew Power commissioned its first wind farm project in Rajkot district in Gujarat in 2012. Shri. Narendra Modi, the Prime Minister of India, inaugurated the 25.2 MW wind farm at Jasdan.[4]

Gamesa Wind Turbines Ltd. successfully competed for a contract from ReNew to supply wind turbines for different projects worth 75 MW, in the state of Maharashtra in 2012.[5] ReNew Power also awarded a 100 MW project worth Rs.750 crore to Suzlon Energy in June 2014[6] and won a 57.5 MWp ground mounted grid connected Solar PV project in Madhya Pradesh in 2014. With an active foray into solar and solar rooftop, it has recently commissioned a 300 kWp roof top grid connected Solar PV project in the National Capital Territory of Delhi in 2014.[7]

In September 2015, ReNew launched the first ever infrastructure bond issuance credit enhanced by IIFCL. The issuance of Bonds is to the extent of Rs.451 crore by ReNew Wind Energy (Jath) Ltd., a subsidiary of ReNew Power Ventures Pvt. Ltd., for replacement of the existing debt of the infrastructure project company.[8] ReNew Power commissioned first hybrid towers in India at Bhesada, Rajasthan. These towers are the tallest wind turbines in India and this is the first time that hybrid towers are installed on shore anywhere in the world.[9]

ReNew Power has a pipeline of close to 1400 MW solar and wind projects. ReNew Power aims to take its project portfolio to more than 2000 MW by 2017 end.[10]

History

ReNew Power was established by Mr. Sumant Sinha in January 2011. Goldman Sachs committed US$200 million in Sept 2011. Further investments by Abu Dhabi Investment Group (US$200 M), Goldman Sachs(US$170 M), Asian Development Bank (US$50 M) and Global Environment Fund (US$35 M) have taken the total equity to US$655 million.[11][12] In March 2016, ReNew Power secured a US$250 million line of long-term credit from the Overseas Private Investment Corporation (OPIC), an agency of the US government, for funding its solar projects.[13]

Project locations

ReNew Power has a portfolio of more than 1000 megawatts (MW) located in 8 States of India. These include:

State Installed Capacity
Gujarat 25.2 MW
Karnataka 110 MW
Maharashtra 360 MW
Rajasthan 240 MW
Madhya Pradesh 210 MW
Andhra Pradesh 60 MW
Telangana 60 MW

Awards

References

  1. ↑ Seetharaman, E. (21 April 2011). "Sumant Sinha starts own firm". dna. Retrieved 3 September 2014.
  2. ↑ "ReNew Power crosses 1,000 MW of installed capacity". Business Today. 11 April 2016. Retrieved 20 April 2016.
  3. ↑ "ReNew Power Enters Into an Agreement With Hareon Solar, China". PR Newswire. 6 July 2015. Retrieved 31 July 2015.
  4. ↑ "ReNew Power: Renewing growth with wind power". Infrastructure Today. June 2012. Retrieved 3 September 2014.
  5. ↑ "ReNew Power: Renewing growth with wind power". Energy Next. 24 August 2012. Retrieved 25 September 2014.
  6. ↑ "Suzlon bags Rs. 750 cr order from ReNew Wind Power". The Hindu BusinessLine. 5 June 2014. Retrieved 3 September 2014.
  7. ↑ "Goldman Backed ReNew Power Secures Additional Funding". Dealcurry. 3 July 2014. Retrieved 4 September 2014.
  8. ↑ "IIFCL launches first infrastructural bond issuance". Hindu Business Line. 23 September 2015. Retrieved 12 September 2015.
  9. ↑ "ReNew Power commissions first of its kind hybrid towers". Telegraph India. 21 September 2015. Retrieved 12 September 2015.
  10. ↑ Shaikh, Ahemad (11 April 2016). "ReNew Power crosses 1,000 MW of installed capacity". The Times of India. Retrieved 20 April 2016.
  11. ↑ "ReNew Power Raises $140 Million From Global Investors For Expansion". Business Insider. 4 July 2014. Retrieved 3 September 2014.
  12. ↑ "ReNew Power raises $265 million via equity, to use fund for capex". The Economic Times. 28 October 2015. Retrieved 28 October 2015.
  13. ↑ "ReNew Power to raise up to $250 million in debt financing from OPIC". Live Mint. 22 March 2016. Retrieved 20 April 2016.
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