Goldman Sachs-backed Indian renewable energy developer ReNew Power Ventures has doubled its wind and solar power generation portfolio from 1GW to 2GW in the space of 12 months.
This is a significant proportion of efforts so far to hit India’s 175GW by 2022 renewable energy targets.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The company added 430MW of solar and 626MW of wind while investing INR67 billion (US$1.03 billion) over FY2016/17.
The company’s deployment has also grown ten-fold from 200MW in FY2011/12.
Sumant Sinha, chairman and CEO, ReNew Power, said: “In April 2016, we were the first company in India to achieve 1GW of commissioned renewable energy capacity. The doubling of our capacity to 2GW within a year by March 2017 is a result of great teamwork coupled with our commitment to contributing approximately 10% to the Government of India’s renewables target. This milestone acquires special significance due to several reasons: our growth is organic, the capacity has doubled on a significant base of 1GW, and we are committed to delivering high quality projects to add value for all our stakeholders.”
In February, Japan’s Jera Co, a joint venture between Tokyo Electric Power Group (TEPCO) and the Chubu Electric Power Group, acquired a 10% stake in ReNew.
This story has been updated to correct the level of investment by ReNew Power.
