Page 2 - Renew Power

Homegrown ReNew finds place in '15 Climate Tech Companies to Watch' list

Homegrown green energy player ReNew has found a place in the top '15 Climate Tech Companies to Watch' list, prepared by US-based MIT Technology Review. "I am proud to share that the prestigious MIT Technology Review has listed ReNew in its inaugural list of 15 Climate Tech Companies to Watch', a new global list highlighting established businesses and startups that have the greatest potential to substantially reduce greenhouse-gas emissions and climate threats," Sumant Sinha, founder, Chairman and CEO of ReNew, said. He made the remarks in an internal communication to the company's employees. The editorial team at MIT Technology Review undertook an exhaustive process, involving consultation with multiple industry experts, investors, academic sources, and global editors while scanning through company materials, comparing technical approaches, and assessing the scientific credibility of various claims before arriving at the final list, he noted. "ReNew, finding its place in the very .

Fresh Canada investments in Indian renewable firms may slow down: Bernstein

Brookfield, another Canadian firm eyeing the Indian market, has an existing 4 GW portfolio. The company has invested $1 billion in Avaada Energy and $361 million in CleanMax

ReNew signs pact with Petronas's green unit Gentari for 5GW projects

Gentari is looking to build close to 30 GW in renewable energy capacity by 2030

ReNew Energy announces appointment of three independent directors

ReNew Energy Global Plc on Monday announced appointment of three independent directors. "Board of Directors has appointed Paula Gold-Williams, Nicoletta Giadrossi and Philip Graham New as Non-Executive Independent Directors with effect from August 23, 2023," a company statement said. The term of office of each appointee will be till the Annual General Meeting in 2025, if the proposal is approved by the shareholders. Paula Gold-Williams is the former President and CEO of CPS Energy. Currently, she serves as a corporate director on the board of Emera, Inc, a utility holding company headquartered in Nova Scotia, Canada. Nicoletta Giadrossi holds various leadership roles in prominent companies. Philip Graham New is a non-executive director at Norsk Hydro ASA since May 2022 and serves on its audit committee since June 2023. He also holds the position of non-executive director at Almar Water Solutions BV since March 2017.

ReNew makes strategic appointments to its independent board of directors

The appointment of Paula Gold-Williams, Nicoletta Giadrossi, and Philip Graham New as non-executive independent directors aims to increase gender diversity of the independent board

ReNew setting up 2 hybrid projects of 70.2 MW in Karnataka for energy park

ReNew on Thursday said it is setting up two hybrid projects of 70.2 MW in Karnataka. "ReNew is setting up a 27.2 MW...project for Toyota to support its renewable energy requirements for its car manufacturing plant in Bidadi, and a 43 MW power project for Sandur to kickstart its decarbonization journey," the company said in a statement. The two solar and wind energy projects will help reduce 150 kilotonne of CO2 emissions per year. The projects are part of ReNew's 200 MW energy park to supply clean power to companies in Karnataka's Vijaynagara region. The company did not provide any financial details of the projects. According to industry estimates, to set up every 1 MW of renewable energy project, an investment of Rs 5-6 crore is required.

ReNew Energy Global Plc posts Rs 7.4 crore net profit in March quarter

ReNew Energy Global Plc has posted a net profit of Rs 7.4 crore, mainly on the back of higher revenues. "Net profit for Q4 FY23 (January-March 2023) was Rs 74 million (USD 1 million) compared to a net loss of Rs 3,554 million (USD 43 million) for Q4 FY22 (January-March 2022," a company statement said. The total income (or total revenue) for Q4 FY23 was Rs 2,591.6 crore (USD 315 million), an increase of 47.1 per cent over Q4 FY22. The company's net loss narrowed to Rs 502.9 crore (USD 61 million) in fiscal 2022-23 from a loss of Rs 1,612.8 crore (USD 196 million) for FY22. Its total income (or total revenue) for FY23 was Rs 8,930.9 crore (USD 1,087 million), an increase of 29.1 per cent over FY22. As of March 31, 2023, the company's portfolio consisted of 13.7 GWs, a 28.2 per cent increase year-on-year, of which eight GWs are commissioned and 5.7 GWs are committed. The company expects to complete construction on 1,750 to 2,250 MWs by the end of fiscal year 2024. As much as 101 MW

Renew Power planning to raise $400 mn in green bonds to refinance old loans

Early this month, Reliance Industries raised $5 billion for its telecom and new energy projects

Hybrid energy project likely to start by 2024, says Jindal Stainless MD

The 300 MW hybrid project in partnership with ReNew is expected to commence operation in the next 18 months, Jindal Stainless Managing Director Abhyuday Jindal has said. In December 2022, Jindal Stainless Ltd (JSL) partnered with ReNew to develop the proposed 300 MW hybrid energy project. When asked about the timeline of the project, Jindal told PTI, "We (JSL and ReNew) are on track on the pact. That project is 300 MW. Land acquisition has already been completed for the project". The project will start in the next one and a half years' time, he said. On the company's hydrogen project, the MD said it is expected to start in July this year. In August 2022, the country's largest stainless steel player partnered with Hygenco India Private Limited to set up a green hydrogen plant. "These green initiatives are part of our mission to switch from a thermal energy-intensive manufacturing setup to renewable energy alternatives," he said. The company will continue to take proactive steps t

ReNew Energy Global Plc loss narrows to Rs 401 cr in Q3, income up by 19.4%

ReNew Energy Global Plc on Friday said that its loss has narrowed to Rs 401.3 crore in the December 2022 quarter from Rs 638.4 crore in the same period a year ago. "Net loss for Q3 FY23 was Rs 4,013 million (USD 49 million) compared to a net loss of Rs 6,384 million (USD 77 million) for Q3 FY22," a company statement said. Total income (or total revenue) in the third quarter of FY23 was Rs 16,077 million or Rs 1,607.7 crore (USD 194 million), up 19.4 per cent compared to the same quarter of FY22, it stated. Net loss during the first nine months of FY23 (April-December 2022) also shrank to Rs 510.3 crore (USD 62 million) compared Rs 1,257.3 loss (USD 152 million) in the same period a year ago. Total income during the first nine months of FY23 stood at Rs 6,349.3 crore (USD 768 million), 23.1 per cent higher from the same period a year ago, it stated. As of December 31, 2022, the company's portfolio consisted of 13.4 GWs, a 30.2 per cent increase year on year, of which 7.8 GWs are ..

Sustainability must be at forefront of energy transition: ReNew Power chief

"I'm sure that sustainability will come to the forefront in the longer term as people have not forgotten that aspect," Sinha said

WEF 2023: ReNew Power explores green hydro project in India, Egypt

The firm, which now generates nearly 1.8% of India's total electricity annually, has a total capacity of 13 Gigawatts (GW) of wind and solar, including projects in the works

ReNew setting up solar cell units at Rs 2,000 cr investment in Raj, Guj

ReNew Power is investing Rs 2,000 crore to set up solar cell and module manufacturing units in Gujarat and Rajasthan, its Chairman Sumant Sinha said. The company is also exploring investment opportunities in Uttar Pradesh to expand presence in the country, Sinha, who is also the founder and CEO of ReNew, told PTI. The country is moving towards becoming Atmanirbhar in solar cell and modules, he said. "Rs 2,000 crore is already being spent by ReNew," the chairman said in reply to a question if his company is exploring investment opportunities in the space of solar cell and module manufacturing. A solar cell and module manufacturing unit with an annual capacity of 2 gigawatt (GW) is being set up in Gujarat, he said. Another unit for manufacturing of only solar modules is being set up in Rajasthan with a 4 GW annual capacity, Sinha said. The company aims to make the Gujarat unit operational by December quarter next fiscal year, and the unit in Rajasthan is planned to start in the fir

Torrent Power to buy 1.1 Gw green energy capacity from ReNew Energy: Report

Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew's solar and wind assets of 350 and 450 Mw for $450 million

ReNew signs pact with Microsoft India to supply 150 MW green energy

ReNew said it will produce the clean energy at its recently commissioned solar site near Bikaner in Rajasthan to supply it to the technology company

ReNew Energy Global's Q2 loss narrows to Rs 98 cr on higher revenues

ReNew Energy Global Plc's loss narrowed to Rs 98.6 crore in September quarter compared to a year-ago, mainly supported by higher revenues. In the corresponding period a year-ago, the company had posted a net loss of Rs 661.4 crore, a company statement said. Total Income (or total revenue) of the company for Q2 FY23 was at Rs 2,240.9 crore, an increase of 5.1 per cent over Q2 FY22, it said. "ReNew continues to lead the energy transition in India and during the quarter, we signed 1 GW of purchase power agreements as a preferred partner for carbon-mitigation solutions," Sumant Sinha, Chairman and CEO, ReNew, said in the statement. Sinha further added that "we have furthered our investments in capacity and our technology and analytics capabilities through an acquisition of 3E, a leading SaaS solutions company in renewable energy and a new partnership with Norfund and KLP." As of September 30, 2022, the company's portfolio consisted of 13.4 GWs, a 30.8 per cent increase year-on-year. .

ReNew Power to set green hydrogen plant in Egypt with $8 bn investment

ReNew Power on Tuesday announced that it has signed a framework agreement with Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of USD 8 billion. "ReNew Power Private Ltd, a subsidiary of ReNew Energy Global Plc (ReNew), one of the leading renewable energy companies globally, today signed the framework agreement with the government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of USD 8 billion and a targeted annual production of 2,20,000 tonnes of green hydrogen," a company statement said. Framework agreement follows the Memorandum of Understanding (MoU) signed in July this year. This project is scheduled to be implemented in phases, the first of which is a pilot phase to produce 20,000 tonnes of green hydrogen, along with derivatives, annually. In the next phase (Phase I), the production of 2,00,000 tonnes per year of green hydrogen, along with derivatives, will be achieved thereby bringing the

ReNew Power to invest Rs 30,000 cr to scale up green capacities: Chairman

Green energy company ReNew Power plans to invest Rs 30,000 crore over the next two years to scale up its solar and wind energy capacities, its Chairman Sumant Sinha said. "We have 5,000 megawatts (MW) of projects that we are building right now. We have won various auctions... have PPAs (power purchase agreements)," Sinha, who is also the founder and CEO of the company, told PTI. The company plans to spend almost Rs 30,000 crore over the next two years to scale up solar and wind energy capacities, he said. ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally. The company currently has an aggregate capacity of 13.2 gigawatt (GW), including capacity already won in competitive bids. Sinha also said his company plans to produce green hydrogen in India. In his Independence Day speech last year, Prime Minister Narendra Modi had announced the launch of the National Hydrogen Mission with a view to aiding t

Amazon draws roadmap for 100% dependence on renewable energy by 2025

Amazon also announced it was expanding its renewable energy portfolio globally, with an additional 2.7 gigawatt (Gw) of clean energy capacity across 71 new renewable energy projects

ReNew Power reports Rs 10.4 crore loss in April-June quarter of FY23

ReNew Power on Friday reported a loss of Rs 10.4 crore in April-June quarter of FY23 due to certain adjustment of one-time expense. "Net loss for Q1 FY23 (April-June 2022) was Rs 104 million (USD 1 million or Rs 10.4 crore) compared to a net profit of Rs 425 million (USD 5 million or Rs 42.5 crore) for Q1 FY22 (April-June 2021)," a company statement said. The company explained that the net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the balance sheet of Rs 2,531 million (USD 32 million or Rs 253.1 crore) for the refinancing of dollar bonds with lower cost rupee debt. Total income (or total revenue) for Q1 FY23 was Rs 25,007 million (USD 316 million or Rs 2,500.7 crore), an increase of 48.8 per cent over Q1 FY22. The translation of Indian rupees into US dollars has been made at Rs 79.02 to USD 1.00, it stated. As of June 30, 2022, the company's portfolio consisted of 12.9 GWs, a 30.3 per cent increase year-on-year, of