Renew Power adds 300 MW; total capacity addition at 1.5 GW in FY22

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Renew Power, which is traded on the Nasdaq exchange, has commissioned a 300 megawatt SECI solar project in Rajasthan, taking its total operating asset to a record 7.4 gigawatt till date.

The Gurugram-based company has installed a record 1.5 GW of renewable energy projects so far this fiscal year despite the pandemic challenges and supply chain disruptions and is on track to meet its goal of 8.2 GW of operational capacity by the end of 2021-22.

In 2020-21, Renew Power had closed with an operating capacity of 5.6 GW, it said in a statement on Tuesday.

The bulk of Renew's organic capacity addition that led it to surge past the 7 GW-mark is in Rajasthan and Gujarat. The new 1.5 GW capacity addition has more than 1.3 GW of utility scale solar projects.

These include 1.2 GW in Rajasthan, 105 MW in Gujarat, and 20 MW in Maharashtra. In wind projects, it has installed over 150 MW, including 136 MW in Karnataka and 22 MW in Gujarat.

As much as 1.05 GW of the new generation capacity has PPAs with Solar Energy Corporation of India (SECI) for 25 years.

Company chairman and chief executive Sumant Sinha said the company is on track to achieve its aspirational goal of 18 GW by FY25 and 8.2 GW by the end of this fiscal year.

Renew Power recently announced a partnership with L&T for developing green hydrogen capacity.

Renew Power is one of the largest independent power producers in the renewable space. It develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects and as of November 2021, its total capacity stood at 10.3 GW including commissioned and committed projects.