ReNew Power invests Rs 6.7k cr to double capacity in one year

ReNew Power Ventures has doubled its power generation capacity in one year to cross 2,000 mw (2 gw).
In 2016-17, the company made investment of Rs 6,700 crore (approximately USD 1 billion) to add 430 mw of solar and 626 mw of wind capacity, the company said in a statement today.
Over the last six years, the company has increased its capacity multifold -- starting from 200 mw in 2011-12 to 2 gw as on March 31, 2017 -- it said.
"In April 2016, we were the first company in India to achieve 1 gw of commissioned renewable energy capacity. The doubling of capacity to 2 gw in one year is a testament of great teamwork coupled with our commitment to contributing roughly 10 per cent to India's clean energy growth target," said Sumant Sinha, Chairman and CEO, ReNew Power, in the statement.

To address growing energy needs, ReNew Power has reached out to more than 1.38 lakh people through corporate social responsibility, it said.
The company's currently commissioned projects will mitigate 110 mt of carbon dioxide in their lifetime, it added.
ReNew Power was founded by Sinha in 2011 and has been an investment proposition for marque financiers across the globe like Goldman Sachs and Global Environment Fund in the US, Abu Dhabi Investment Authority (ADIA) in the Middle East and Asian Development Bank and JERA from Asia.
In February 2017, the company successfully completed a round of path-breaking and innovative fund raising where it raised, in aggregate, Rs 31 billion through issuance of rupee denominated bonds (masala bonds) to an overseas special purpose vehicle.