UNEP addresses environmental issues at the global and regional level for the United Nations. The program aims to promote international cooperation on environmental issues, provide guidance to UN organizations through its scientific advisory groups. It also encourages the international scientific community to participate in formulating policy for many of the UN’s environmental projects.
Both parties signed a Memorandum of Understanding (MoU) in Delhi on July 10, 2020. The partnership focuses on easy access to renewable energy and higher energy efficiency. These goals are part of the strategies adopted by India to realize its Nationally Determined Contributions (NDC) under the Paris Agreement.
ReNew Power will partner with UNEP’s ‘District Energy in Cities Initiative’ as an implementation partner for renewable energy installations across India. The initiative aims to support market transformation and shift the heating and cooling sector to energy-efficient and renewable energy solutions.
The partnership will also implement solar off-grid projects, studies, and assessments. Joint efforts will be promoted through annual events to showcase contributions to India’s strategic vision on renewable energy.
Notably, ReNew Power emerged as one of the top utility-scale solar project developers in India in terms of installed capacity in the calendar year 2019. Together, the top three developers accounted for nearly 35% of total large-scale installations in 2019.
Recently, ReNew also announced that it would acquire Climate Connect (also known as Regent Climate Connect Knowledge Solutions Private Limited). Climate Connect is a technology company that deals in digital analytics, software development, artificial intelligence, and machine learning, specializing in the power market domain. The acquisition gives ReNew Power access to energy management services. The acquisition is expected to add to the digital portfolio of ReNew Power, and it will allow it to offer a suite of digital offerings to its customers across the energy value chain.
Mercom had earlier reported that ReNew Power announced its plans to invest between ₹15 -₹20 billion (~$200-266.7 million) to set up a 2 GW solar cell and module manufacturing facility in the country.