ReNew Power Ventures Private Limited, India’s leading solar and wind energy company, recently signed Purchase Power Agreements (PPAs) for four solar ground mounted projects with combined capacity of 286 MW in Telangana. ReNew Power secured the highest capacity among all the bidders for 2000 MW solar projects in the state. Following this, ReNew Power now has become the largest solar energy company in Telangana with a total of 410 MW of commissioned and under construction capacity.
Sumant Sinha, Chairman and CEO, ReNew Power said, “The signing of these PPAs gives a further boost to the leadership position that ReNew Power holds in the clean energy space. The project will be implemented in line with our highest quality standards and at a swift pace. We believe Telangana will play an important role in helping India meet its solar energy target of 175 GW capacity by 2022.”
Parag Sharma, COO, ReNew Power said, “As the country prepares to scale up its renewable energy capacity, Telangana is playing a critical role in new capacity addition. We ventured into the solar business in 2014 and have since built a robust pipeline of close to 1000 MW.”
Founded in 2011 by Sumant Sinha, ReNew Power has more than 2000 MW of commissioned and under-construction clean energy assets. Currently, it operates in eight states (Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana and Andhra Pradesh) across the country. The company is backed by marquee investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Global Environment Fund and Asian Development Bank.
Some of ReNew Power’s notable achievements are as follows:
- ReNew Power is the best capitalized renewable energy company in the country.
- Renew Power is the largest capital raiser in debt markets in the renewable energy IPP sector in the last 3.5 years with over Rs. 8,000 cr of debt sanctions.
- In September 2015, ReNew Power installed and commissioned India’s tallest wind tower. It is a lattice/tubular tower (hybrid tower) of 120 m height, installed for the first time anywhere on-shore in the world.
- Also, in September 2015, ReNew Power launched the first ever infrastructure bond issuance credit enhanced by IIFCL, rated AA+.
- All ReNew Power projects are UNFCCC (United Nations Framework Convention on Climate Change) registered.
- Scheduling and Forecasting is being done for all ReNew projects through ReNew Power Information System, which won the Skoch Smart Technology Award 2015.
- Currently commissioned ReNew Power projects are mitigating 1.5 million tons of CO2 emissions till date, and will mitigate more than 28 million tons of CO2 emissions in their lifetime.