GURGAON, India: Company to provide 500 farmers with access to alternative stubble management techniques for improving air quality
Aims to offset stubble burning of 5000 acres of land in Punjab
ReNew Power, India’s largest renewable energy IPP in terms of total energy generation capacity, today announced that it has joined hands with Confederation of Indian Industries in its ‘Clean Air Better Life’ initiative to help farmers from the state of Punjab; with alternative stubble management techniques to address the complex problem of increasing levels of air pollution in Delhi NCR.
Under this program, the company has committed to support 500 farmers from Ludhiana district and provide them access to climate smart technological solutions for farm residue management. These machines cut and collect stubble, sow fresh crop in the bare soil and deposit the stubble in the sown area as mulch, which helps the soil to retain its moisture and improve its fertility. Along with this, the company will also support awareness drives across the region to educate farming communities on the ill effects of burning farm stubbles which not only contributes to the rise in air pollution, but also has a negative on the farm and soil ecology, which in turn further deteriorates farmer’s margin. With this intervention, the company expects 5000 acres of agricultural land in the district to go stubble burning free. Based on the output of the program, the model will be replicated to the rest of the state.
Commenting on the partnership, Ms Vaishali Nigam Sinha, Chief Sustainability Officer, ReNew Power and Chair, CII Task Force on Making NCR Less Polluted, said, “At ReNew, social responsibility is inherent in the way we do our business. Though a lot needs to be done to curb air pollution, we sincerely believe that no problem is too big if all stakeholders come together and are determined to solve it. Through this initiative, we not only hope to create a transformational impact, but also create awareness for the need of a cleaner environment.”
About ReNew Power
ReNew Power Limited is India’s largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity. As of May 8, 2018, ReNew had a total capacity of over 5.85 GW of wind and solar power assets across the country, comprising 3.92 GW of operational capacity, 1.66 GW of under development capacity, and 0.27 GW of recently awarded SECI project. It develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth having nearly doubled its operational capacity in each of the last three Fiscal Years. ReNew’s broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, GEF SACEF India, and ADB (subsequently exited).
*Source: CRISIL Research – Outlook on the Renewable Energy Market in India released in Mumbai in May 2018
ReNew Power Limited is proposing, subject to the applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the DRHP with SEBI on May 8, 2018. The DRHP will be available on the websites of SEBI at http://www.sebi.gov.in, BSE at http://www.bseindia.com, NSE at http://www.nseindia.com and GCBRLMs, i.e. at http://www.investmentbank.kotak.com, http://www.mlindia.com, http://www.goldmansachs.com, http://www.jmfl.com, http://www.jpmipl.com and BRLMs, i.e. at http://www.idfcbank.com, http://www.ubs.com/indianoffers and http://www.yesinvest.in, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the DRHP, including the section “Risk Factors” on Page 23 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. The securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from such registration.
Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company, its management, as well as its financial statements. No public offering or sale of securities in the United States is contemplated.
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