ReNew Power is the largest green energy firm in India. As India’s largest renewable energy IPP (independent power producer), ReNew Power runs a capacity of more than 5,800 MW of wind and solar power assets across the country, of which nearly 4 GW is operational. The company is committed to meeting India’s growing energy needs in a sustainable way.
The company has a presence in the utility-scale wind, utility-scale solar and distributed solar. ReNew Power has an impressive portfolio of operational wind projects across various states. In the solar sphere, ReNew Power has demonstrated strong project execution and operational capabilities, including EPC and O&M skills. The firm has a diversified experience of using both thin film and multicrystalline technologies, fixed tilt structures and single-axis trackers etc in the growing Indian solar market. ReNew Power has won the Renewable Energy Project of the Year award at Dun & Bradstreet Infra Awards 2018 for its Dichpally 143 MW solar power project.
In the rooftop solar segment, ReNew Power has installed nearly 43 MW of solar and has over 200 distributed solar installation sites spread across 35 cities in 16 states and two union territories in India. The firm has an experience of working with eminent industry names like The Himalaya Drug Company, J.K. Cement Ltd., JK Tyres & Industries Ltd., TTK Healthcare Ltd., and United Breweries Ltd. ReNew has also contracted with the Indian Railways and AAI to install over 17 MW of multiple projects. Simply put, the company has a holistic presence in the solar segment and helps customers get a quote, installation & commissioning, getting regulatory compliances, and even monitoring & maintenance. In other words, the firm is favorably placed to benefit from the exponential growth of solar both in utility-scale and rooftop solar segments in India.
The company is backed by Goldman Sachs, Abu Dhabi Investment Authority, JERA, CPP Investment Board etc. ReNew is chaired by Sumant Sinha, who has been awarded the EY Entrepreneur of the Year 2017 and many prestigious awards in the renewable energy space. He brings with himself extensive experience and degrees both in the financial and tech fields.
Renew Power’s public issue will also help boost India’s renewable energy target of 2022. With public sector banks refraining from debt financing, companies are looking towards more foreign funds. However, with an IPO, renewable energy companies will be more confident of raising funds from the Indian market. Though the IPO has been delayed (initially to be launched by the end of second half of 2018), ReNew Power has already got the SEBI green signal to move ahead with its IPO plans. The company plans to issue fresh shares worth Rs 2,600 crore in the offering. ReNew Power will be a good way for investors to play the growing renewable energy space in India.