ReNew Power, a renewable energy project developer, added 1,056 MW of renewable energy capacity in financial year (FY) 2016-17. The capacity includes 430 MW of solar and 626 MW of wind power assets.
ReNew Power made an investment of approximately $1 billion (~₹65 billion) in FY2016-17, in India’s renewable energy sector, according to a company release. Over the last six years, the company has increased its capacity – from 200 MW in FY2011-12 to 2 GW as of March 31, 2017.
“In April 2016, we were the first company in India to achieve 1 GW of commissioned renewable energy capacity. The doubling of our capacity to 2 GW within a year (by March 2017) is a result of great teamwork coupled with our commitment to contributing approximately ten percent to the Government of India’s renewables target,” said Sumant Sinha, chairman and CEO, ReNew Power.
ReNew Power also secured $200 million in funding from JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power, two of Japan’s largest utility companies) for a 10 percent stake in the company in February.
According to Mercom’s India Solar Project Tracker, ReNew Power has commissioned solar projects aggregating 602 MW and solar projects aggregating 489 MW are under various stages of development. The company is expecting to commission a 143 MW and a 65 MW solar project being developed under Telangana State Solar Policy by end of April 2017, stated Mercom’s source at ReNew Power.
Image Credit: ReNew Power
Priya currently serves as the Publisher for MercomIndia.com. With more than a decade of experience working in corporate communications, research, and policy, Priya has deep roots in the Indian energy markets and is regularly in touch with policy makers and industry leaders. Priya received her bachelor’s degree from Vidya Vardhaka College of Arts in Bangalore, India for Political Science and Economics and completed her MBA from Bangalore University. More articles from Priya Sanjay.