What is ReNew Power?
The generation of electricity from various non-renewable sources is one of the primary causes of air contamination in the world. The vast majority of our power originates from coal, atomic, and other non-sustainable sources. These have harmful side effects and residues that negatively affect our condition, contaminating our air, land, and water. Therefore we must encourage the production of electricity from sustainable and renewable sources which can create power with less ecological effects. This vision is the driving force for ReNew Power.
ReNew Power (1) is an independent power producer in India which generates electricity from renewable sources. It was founded in 2011 and is based in Gurgaon, Haryana. The founder Sumant Sinha is now the Chairman and CEO of the company. Over the last nine years, ReNew Power was able to become one of the leading sustainable power sources in India. They are currently the leading independent power producer in case of the cumulative capacity of electricity generation. The enterprise has a solid history of natural and inorganic development. Their operational limit has also multiplied in every one of the last three Fiscal Years.
ReNew Power has now accomplished the market authority position in the Indian sustainable power source industry. The policies by the government of India to advance the development of sustainable energy business has also favoured this company. They own more than 10 GW of clean energy sources and more than 5.44 GW of operational capacity. In addition to the production of electricity, they also educate and empower people to convert to sustainable sources. ReNew Power also promotes the employment of people in rural areas by conducting community initiatives.
The birth of ReNew Power
The Chairman of ReNew Power, Sumant Sinha, had been the Chief Executive Officer of Suzlon Energy which is a wind turbine manufacturing company. He resigned from Suzlon in 2010 to embark on this venture. He has graduated from IIT Delhi and IIM Calcutta. Sumant’s father, Yashwanth Sinha, is a former Union Finance Minister and his brother Jayant Sinha is the managing director at Omidyar Network India Advisors. Sumant Sinha had also founded an investment and banking consultation enterprise known as Savant Advisors in 2010.
In 2011, he set up a team at Savant Advisors to take care of the firm’s business and transferred his complete attention to the idea of ReNew Power. While working with Suzlon, Sumant had gained enough experience in the field of wind energy and realised there were more opportunities in this sector. He also closed deals with firms like Suzlon, Kenersys GmBH, which is a component of the Kalyani group, and Regen Powertech to initiate the production of wind turbines.
After Sumant Sinha founded ReNew Power in 2011, the company received equity funding from Goldman Sachs within a few months. ReNew Power inaugurated its first wind farm venture in Mahidad – Rajkot region in Gujarat in 2012. At the beginning of ReNew Power, Sumant intended to focus mainly on wind power but later expanded into the generation of electricity from biomass, hydro and solar energy.
Over the years
In 2012, Gamesa Wind Turbines Ltd. effectively sought an agreement from ReNew Power which was worth 75 MW. According to the agreement, RenEw Power was to provide wind turbines for various projects in the territory of Maharashtra. ReNew Power also granted a 100 MW venture worth Rs.750 crore to Suzlon Energy in June 2014. In the same year, they won a 57.5 MWp ground-mounted grid associated Solar PV venture in Madhya Pradesh.
The company also initiated a 300 kWp rooftop top grid associated Solar PV venture in the National Capital Territory of Delhi in 2014. With this new strategy, ReNew Power established a strong base in the industry of solar energy. ReNew Power started their first hybrid towers at Bhesada, Rajasthan which were the tallest wind turbines in India. By the year 2016, the company owned renewable sources of wind energy worth 880 MW and solar entry of 180 MW. They had established projects in Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand.
Though the wind energy sector had slowed during the last five years, ReNew Power managed to expand their projects further. In 2016, ReNew Power achieved 1GW capacity and became the first company in India to do so. ReNew Power also launched IIT centre of excellence in the same year with the intention to cooperate with the institute in analysis and enhancements of technology. In 2019, ReNew Power became the first company in India to collaborate with GSE&C, a prominent company from Korea in the renewable energy sector.
The role of ReNew Power in the present
To evolve our country and make it one among the top nations in the world, our Prime Minister has called for an Aatmanirbhar Bharat. The government hopes to develop the power sector by generating 450 GW of renewable energy by the year 2030. A few weeks after this announcement, ReNew Power said it would begin assembling solar based cells and modules in India. Using an investment of 1500 to 2000 crore rupees, ReNew Power hopes to build a facility that will have a production limit of 2GW.
The organisation is planning to communicate with many states in the country to set up a branch for this vision. The declaration was made by ReNew Power MD Sumant Sinha at the Aatmanirbhar Bharat occasion. ReNew Power will be manufacturing both the solar cells and modules in the upcoming projects. The organisation’s entrance into the assembling sector is a significant milestone. It will also provide it with a superior authority over the logistics chain of necessary units.
Since India has developed into a significant market for sustainable power sources, it puts forward more opportunities for local manufacturing units. The energy production division will no longer have to depend on imports for the vital units. ReNew Power can soar greater heights with the help of this new venture. They are also preparing for export units to reach the global market. It will open doors for the next level of growth in the renewable energy industry.