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ReNew Power | India’s Leading Clean Energy Producer

Every once in a while, we notice a company enter a competitive field and disrupt the industry through its innovation and ingenuity. That is precisely what ReNew Power has done over the last few years.

This independent power producer (IPP) is out on a mission to help meet India’s growing energy needs in an environmentally-friendly manner. ReNew Power specializes in wind and solar energy and is creating value for people via efficient and reliable generation of clean or green power.    

Renew Power Wind Energy

It has a production capacity of nearly 9.8 GW, of which 5.3 GW is commissioned. The company is powering both commercial and residential sectors while reducing the country’s carbon footprint significantly. ReNew Power is said to have grown faster than any other renewable energy producer or the green energy industry itself as a whole. [1]

Currently, it is operating more than 100 utility-scale projects in 8 different states in India. Run by a team of around 1,300 engineers and technicians, ReNew Power has an equity valuation of over $2.8 billion!

The Beginning of ReNew Power

Fossil fuel combustion, greenhouse gases, environmental degradation, and energy crisis have become pressing problems all across the world. Many people dream of doing something as big as saving the earth by protecting the environment while overcoming energy shortage at the same time. But there are only a handful of visionaries who actually do something to achieve this dream.

Sumant Sinha is one such individual who knew that if he would like to see the earth’s beauty and resources conserved for future generations, he must take the initiative himself. This was back in 2010.

Sumant is an IIT-Delhi graduate who furthered his studies at IIM-Calcutta.  At the time, he was serving as the CEO of Suzlon Energy, an Indian wind turbine manufacturer based in Pune. Once the idea to create his form his own venture struck, Sumant resigned from the company. He initially founded a financial consultancy firm named Savant Advisors. The following year, in 2011, ReNew Power was launched as a platform for developing and managing renewable energy projects.

The company attracted a seed fund of $200 million from Goldman Sachs within a few months of its inception. Thereafter, ReNew Power’s first wind farm was set up in Mahidad in Rajkot, Gujarat, in 2012. The wind turbines had a combined capacity of generating 25.2 MW of electricity. They were the first in the belt of green energy assets that would grow up to approximately 10 GW in the next ten years.

The ReNew Power Difference

There are various companies that have been serving the renewable energy industry for many years. With the rising concerns about fossil fuel combustion and carbon dioxide gas emissions, several startups are looking to leverage green business opportunities. Yet, amid all that buzz, ReNew Power has successfully positioned itself as one of the leading IPPs in under ten years.

Its exponential growth was mainly made possible by its unique initiatives and, of course, the use of high-end technological solutions to harness energy from the wind and sunlight. ReNew Power’s fast-paced success can also be attributed to the government policies for clean energy generation that have largely favored its operations.

ReNew Power started out as a wind energy company and soon expanded into solar energy as well. At present, it is also harvesting energy from biomass and hydro sources like dams.   

Put simply, Renew Power is building a world-class portfolio of green energy assets. And it is leading the transition to renewable energy by offering one-of-a-kind solutions to its customers.

Powering Through to Success

Back in 2011, ReNew Power was just a team of 3 employees working in a small office in Mumbai. After receiving the first funding from Goldman Sachs, it caught the attention of various international investors from UAE and beyond. The company raised about $750 million from investors like the Asian Development Bank and Abu Dhabi Investment Authority (AIDA). Other marquee investors backing this energy firm include Canadian Pension Plan Investment Board, Global Environment Fund, and JERA, Japan’s largest power generation company [2].

Renew Power commissioned its first solar energy project with 300 kW capacity in 2014. This was initiated as a rooftop grid in the National Capital Territory of Delhi. By 2016, the IPP had almost doubled its operational capacity, with wind energy plants worth 880 MW and solar energy generation of 180 MW. The projects span across eight states of India, including Haryana, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Maharashtra, Jharkhand, and Rajasthan. Their first hybrid wind towers installed at Bhesada, Rajasthan, are the tallest turbines in India.

In 2019, ReNew Power became the first company to collaborate with the world-renowned Korean energy firm, GSE&C. It also holds the title of being the first Indian IPP of renewable energy to raise masala bonds. Masala bonds are bonds that are issued internationally but dominated in Indian Rupees rather than the local currency.  

ReNew Power captured new markets through the acquisition of assets of Vikram Solar Group, India’s second-largest solar energy company by revenue.

Furthermore, it raised $350 million through the US-based Overseas Private Investment Corporation (OPIC).

ReNew Power is hailed for delivering smarter and cleaner energy choices. It is widely recognized for staying true to its aim of environmental protection. The company’s dedication to societal welfare is also strongly reflected in its initiative to commit INR 20 crore towards COVID-19 relief and rehabilitation [3]. 

New Horizons

Last year, ReNew Power acquired Climate Connect, a startup specializing in digital analytics, AI and machine learning, and software solutions for the power sector. In its new vision statement, the company said the acquisition is a step towards its mission of attaining 20 GW capacity by 2022.

ReNew Power is eyeing a merger with RMG, a special purpose acquisition company (SPAC) in the clean energy sector. As a  ‘blank cheque financial institution, RMG can provide ReNew Power with a backdoor entry into the public market while potentially increasing its value to $4.4 billion or higher.


[1] https://renewpower.in/about-us/our-milestones/

[2] https://www.linkedin.com/company/renew-power/

[3] https://energy.economictimes.indiatimes.com/news/renewable/renew-power-commits-rs-20-crore-for-fight-against-covid-19/75052671