ReNew expects to commission 10.2 GW renewable energy capacity by FY23

Renewable energy firm ReNew Power is looking to commission its 10.2 gigawatt (GW) capacity by financial year 2022-23.

In a statement on Tuesday, ReNew said it also expects to generate an annual EBITDA (earnings before interest, taxes, depreciation, and amortization) of USD 1.1-1.2 billion with the commissioning of the 10.2 GW capacity.

"ReNew expects to have its 10.2 GW portfolio operational by the end of FY23 which also includes 3.8 GW of committed capacity i.e. which has a PPA/LOA (Power Purchase Agreements/Letter of Award) or for which the company has a binding acquisition agreement

"This capacity is expected to generate an annual EBITDA of USD 1.1 billion - 1.2 billion, double of USD 578 million in FY21," the company said.

It further said it aims to have 18 GW of RE capacity by 2024-25, from the 6.4 GW operating at present.

"As India sets its sight on achieving 450 GW of installed clean energy capacity by 2030, ReNew will be a leading catalyst of this transition from fossil-based energy to clean energy. We see a great opportunity in the clean energy sector," Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew said.

ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. It develops, owns and operates utility-scale wind and solar energy projects and hydro projects.