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ReNew Energy Global plc
Company typePublic
Nasdaq: RNW
IndustryRenewable energy
FoundedJanuary 19, 2011; 14 years ago (2011-01-19)
FounderSumant Sinha
Headquarters
Gurgaon, Haryana
,
India
Area served
India
Key people
ProductsWind power, Solar power, Solar rooftop power, Hydroelectric power
RevenueIncrease ₹5,329 crore (US$610 million) (FY23)[1]
Increase ₹3,989 crore (US$460 million) (FY23)[1]
Positive decrease ₹675 crore (US$77 million) (FY23)[1]
Owners
Number of employees
1382 (Jan 2022)
Websiterenew.com

ReNew Energy Global plc is an Indian renewable energy company, based in Gurgaon.[3] It is the first Indian renewable energy company to be listed on NASDAQ.[4] ReNew operates more than 150 projects spread across ten states in India.[5][6]

Formerly called ReNew Power, the company rebranded itself as ReNew in February 2023.[7]

History

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Sumant Sinha started ReNew in 2011[8] and Goldman Sachs invested that September.[9] In 2023, Goldman Sachs exited the company completely.[10] In 2014, ReNew entered the Indian solar market by commissioning its first distributed solar project. Its first project, a 25.2 MW wind site in Jasdan, Gujarat, was inaugurated by Narendra Modi, then Chief Minister of Gujarat (Now Prime Minister of India).[11] It commissioned India’s largest solar farm (510 MW) in Telangana in 2017.[12] In 2016, it became the first Indian renewable energy company to achieve 1 GW capacity and was also the first company to have 10 GW installed capacity.[8][13][14] As of 2023, ReNew has current and planned assets with a capacity of generating more than 13.4 GW of power.[15]

Operations

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In 2019, ReNew partnered with Korean company GSE&C in renewable energy, jointly developing the SECI-4 project in Rajasthan.[16]  A year later, in 2020, ReNew announced that it would manufacture solar cells and modules in India for 2 GW capacity.[17]

In 2020, ReNew became the first renewable energy company to be named to the World Economic Forum’s Global Lighthouse Network.[18]

In 2022, ReNew helped India avoid 0.5% of its annual carbon emissions and generated 14,263 GWh of clean electricity, enough to power around 4 million Indian households.[19] In the same year, the company signed an agreement to set up a green hydrogen plant in Egypt.[20]

ReNew reached 10 GW of gross renewable energy assets during 2023-24.[6] It generated 17,385 GWh during in 2023.[21] It contributes approximately 10% of India’s total solar and wind energy generation and has the largest wind portfolio in India, with a capacity of 4.7 GW, representing 10.5% of India’s total wind energy capacity.[22]

Funding and Listing

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The company’s initial investment came from Goldman Sachs in 2011. As of 2023, Canada Pension Plan Investment Board (CPPIB) stands as ReNew’s major investor.[10]

In 2016, ReNew became the first renewable energy company to raise rupee-denominated masala bonds.[13]

In 2017, JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power) became an equity holder to the company. In 2019, It raised $450 million through dollar bonds to retire some of its existing debt.[23] The same year, the Abu Dhabi Investment Authority (ADIA) invested $100 million into ReNew via rights issue.[24]

In 2021, ReNew announced that it would go public through its merger with a SPAC called RMG Acquisition Corporation II.[25] The merged company was to be called ReNew Energy Global PLC and listed on NASDAQ. ReNew was listed on the NASDAQ on 24 August 2021 under the symbol ‘RNW’.[26]

In 2023, Norway’s Climate Investment Fund managed by Norfund along with pension fund KLP invested Rs. 900 million in ReNew’s transmission project in Karnataka.[23]

In FY 2024, ReNew reported a net profit of Rs. 414 crore (over $49 million).[27]

Project locations

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ReNew has a portfolio of more than 15.6 GW located in ten states of India.[28][29][30]

State Installed Wind Capacity
Andhra Pradesh 717 MW
Karnataka 651.8 MW
Gujarat 950 MW
Madhya Pradesh 477 MW
Maharashtra 390 MW
Rajasthan 357 MW
Telangana 60 MW
State Installed Solar Capacity
Karnataka 640 MW
Telangana 588.8 MW
Rajasthan 140 MW
Madhya Pradesh 101.2 MW
Tamil Nadu 100 MW
Andhra Pradesh 67.8 MW
Gujarat 40 MW

Philanthropic activities

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Renew funded ReNew Centre of Excellence at IIT Delhi which was launched in 2016 to help foster research and technology development of renewable energy in India.[31]

During the COVID-19 pandemic, ReNew committed ₹20 crore towards PM CARES Fund and Chief Minister's Relief Funds.[32]

Awards

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ReNew has been recognized twice as a Lighthouse by the World Economic Forum[33] and has been included in MIT Technology Review’s list of Top 15 Climate Tech Companies to watch.[34]

In 2023, ReNew received the Sustainable Market Initiative’s Terra Carta Seal award.[35] It has also been recognized as an Energy Transition Changemaker by the COP28 Presidency for deploying the country’s first round-the-clock power project.[36]

ReNew is the recipient of awards, including by the Economic Times, 2022,[37] the Stevie International Business Awards (Energy Entrepreneur of the Year and Energy Sector Innovation of the Year in 2019 and Chairman of the Year and Energy Company of the Year in 2020,[38] by VCCircle[39] and S&P Global,[40] the Clean Energy Transition Award at Reuters Responsible Business Awards, 2020,[41] the Forbes India Leadership Award, 2017,[42] among others.

See also

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References

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  1. ^ a b c "ReNew Announces Results for Second Quarter and Half Year Results for Fiscal Year 2024: US$81 million PAT for H1 FY24, Raises EBITDA Guidance for FY243". ReNew. Retrieved 22 January 2024.
  2. ^ "ReNew Power Takes SPAC Route, First Such Major Deal By An Indian Company, To List On Nasdaq". Moneycontrol. 24 February 2021. Retrieved 25 February 2021.
  3. ^ "ReNew Power unveils its new rebranding and decarbonisation focus". CNBCTV18. 13 February 2023. Retrieved 22 January 2024.
  4. ^ Prasad, Rachita (26 August 2021). "ReNew lists on Nasdaq at $4.5 billion valuation". The Economic Times. ISSN 0013-0389. Retrieved 22 January 2024.
  5. ^ Samant, Shilpa (13 February 2023). "ReNew Power rebrands itself as 'ReNew', adds decarbonization solutions to its portfolio". The Economic Times. ISSN 0013-0389. Retrieved 22 January 2024.
  6. ^ a b "ReNew surpasses 10 GW capacity with record renewable asset additions in FY24". The Economic Times. 10 April 2024. ISSN 0013-0389. Retrieved 19 February 2025.
  7. ^ "ReNew unveils new brand identity as it reinforces leadership in providing decarbonisation solutions". 13 February 2023.
  8. ^ a b Sengupta, Debjoy (11 April 2016). "ReNew Power first Indian company to achieve 1GW solar capacity". The Economic Times. Retrieved 27 May 2020.
  9. ^ Jai, Shreya (3 July 2014). "ReNew Power receives $140 million equity funding, to go public by next year". The Economic Times. Retrieved 27 May 2020.
  10. ^ a b Jai, Shreya. "Goldman exits ReNew, CPPIB becomes new majority owner in the company".
  11. ^ "ReNew Wind plans Rs 6,000 crore investment in 2 years". BusinessLine. 7 May 2012. Retrieved 22 January 2024.
  12. ^ "Telangana gets largest solar farm in Nizamabad district". The Times of India. 16 April 2017. ISSN 0971-8257. Retrieved 22 January 2024.
  13. ^ a b www.ETEnergyworld.com. "ReNew Power raises $375 million via green bonds - ET EnergyWorld". ETEnergyworld.com. Retrieved 27 May 2020.
  14. ^ "ReNew Power". Climate Bonds Initiative. 13 February 2017. Retrieved 27 May 2020.
  15. ^ Luthra, Swati (10 January 2023). "ReNew Power installs India's first 3x platform wind turbine generators in Karnataka". mint. Retrieved 22 January 2024.
  16. ^ Kumar, V. Rishi (1 February 2020). "Greenko, Renew Power bag SECI mega renewable cum storage based projects". BusinessLine. Retrieved 22 January 2024.
  17. ^ "ReNew setting up solar cell units at Rs 2,000 cr investment in Raj, Guj". Business Standard. 15 January 2023.
  18. ^ "ReNew Power becomes part of WEF Global Lighthouse Network". The Economic Times. 15 March 2021. ISSN 0013-0389. Retrieved 22 January 2024.
  19. ^ Livemint (31 October 2022). "ReNew Energy aims to achieve net zero emission by 2040". mint. Retrieved 22 January 2024.
  20. ^ Livemint (15 November 2022). "ReNew signs agreement with Egyptian govt for green hydrogen plant". mint. Retrieved 22 January 2024.
  21. ^ "ReNew avoids 14 MT carbon emission in FY23, says company report". The Economic Times. 9 November 2023. ISSN 0013-0389. Retrieved 19 February 2025.
  22. ^ Baruah, Rituraj (10 April 2024). "ReNew aims to double green energy portfolio to 20 GW by FY28 | Company Business News". mint. Archived from the original on 29 January 2025. Retrieved 19 February 2025.
  23. ^ a b "ReNew Power partners with GS E&C to execute solar project in Rajasthan". The Economic Times. 11 December 2019. ISSN 0013-0389. Retrieved 22 January 2024.
  24. ^ "India's ReNew Power to list on Nasdaq, aims to raise $1 billion". Business Today. 23 August 2021. Retrieved 22 January 2024.
  25. ^ "Chamath Palihapitiya unveils investment in ReNew Power, India's largest clean energy company that's set to go public via SPAC". Business Insider. Retrieved 22 January 2024.
  26. ^ Mohanty, Shashwat (18 August 2021). "ReNew Power set to list on NASDAQ on August 24". The Economic Times. ISSN 0013-0389. Retrieved 22 January 2024.
  27. ^ Jai, Shreya (6 June 2024). "Nasdaq-listed ReNew Energy Global posts profit of Rs 414 crore in FY24".
  28. ^ www.ETEnergyworld.com. "ReNew signs 2.2 GW PPAs, expands portfolio to 15.6 GW - ET EnergyWorld". ETEnergyworld.com. Retrieved 23 February 2025.
  29. ^ "Renew power limited" (PDF). Archived from the original (PDF) on 8 January 2022.
  30. ^ "ReNew Power". Renewable Watch. 9 August 2019. Retrieved 27 May 2020.
  31. ^ Sood, Naina. "Renew Power Collaborates With IIT To Launch Research Facility On Renewable Energy". BW Businessworld. Retrieved 22 January 2024.
  32. ^ www.ETEnergyworld.com. "ReNew Power commits Rs 20 crore for fight against Covid-19 - ET EnergyWorld". ETEnergyworld.com. Retrieved 22 January 2024.
  33. ^ "ReNew Power becomes part of WEF Global Lighthouse Network". The Economic Times. 15 March 2021. ISSN 0013-0389. Retrieved 27 February 2025.
  34. ^ "2023 Climate Tech Companies to Watch: ReNew and its ambitious clean energy projects". MIT Technology Review. Retrieved 27 February 2025.
  35. ^ "SMI Announces 2023 Terra Carta Seal Winners". Sustainable Markets Initiative. Retrieved 27 February 2025.
  36. ^ "ReNew recognised as a clean energy transition changemaker by COP28 Presidency - Manufacturing Today India". 9 December 2023. Retrieved 27 February 2025.
  37. ^ www.ETEnergyworld.com. "ETEnergyworld confers 30 awards to energy sector leaders, companies for best performance - ET EnergyWorld". ETEnergyworld.com. Retrieved 22 January 2024.
  38. ^ "Management Awards Category Winners". Stevie Awards. 12 August 2019. Retrieved 22 January 2024.
  39. ^ "ReNew Power is infrastructure company of the year: VCCircle Awards". VCCircle. Retrieved 22 January 2024.
  40. ^ "Energy Companies from 11 Countries Won Honors at S&P Global Platts Global Energy Awards". News Release Archive. Retrieved 22 January 2024.
  41. ^ "Chipotle, DBS, Thai Union, Verizon, Olam International, ReNew Power and Maersk among winners at the 2020 Responsible Business Awards". Reuters Events. 12 October 2020. Retrieved 22 January 2024.
  42. ^ "Forbes India Leadership Awards : Winners 2017". www.forbesindia.com. Retrieved 22 January 2024.
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