India’s ReNew Power Hits 1 GW Solar, Wind Energy Installed Capacity
Young renewable energy independent power generation company ReNew Power Ventures recently achieved a significant milestone of 1 GW installed wind and solar power capacity.
Through a recent press release, ReNew Power Ventures announced that it became the first company in India to achieve 1 GW of operational renewable energy assets. The achievement is significant, as there are scores and scores of renewable energy developers in India and the company has achieved this milestone in a very short span of time.
Established in 2011, the company has attracted investments from Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank, and Global Environment Fund. These investors have poured in a total of $650 million through equity investments in the company.
These investments helped the company establish 29 wind and solar power projects across 9 states in India. The company has set a target to have operational assets of 6.5 GW solar power and 5 GW wind energy over the next 4-5 years.
Among new companies in India in the last 5 years, ReNew is fifth-largest in terms of total equity raised, the second largest in terms of total capital raised, and the largest on both counts in the renewable energy sector in India, the company has claimed.
ReNew Power recently secured debt funding worth $250 million from the Overseas Private Investment Corporation (OPIC) to finance construction of solar power projects. The company currently has a pipeline of 1,400 MW capacity, including at least 988 MW of solar power projects.
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