ReNew Power, India’s largest renewable power generation company, aims to double its power generation capacity to 20 gigawatts in five years. The company currently holds the largest portfolio of nearly 10 GW in projects, out of which 5.44 gigawatts are operational projects.
It was the first Indian company to build a portfolio of 5 gigawatts of operational renewable energy capacity.
The capacity expansion would require an approximate investment of Rs 40,000-50,000 crore (US$5.3-6.6 billion). This investment may vary depending on the location of the projects and cost of the land involved.
ReNew Power has submitted some aggressive bids in 2020 amid slowdown due to Covid-19. The company’s growth remained on track when most of the developers struggled to bag new projects.
ReNew Power is also targeting double-digit growth in the transmission sector in the coming three to five years. Last year, the company had announced its interest in exploring business opportunities in power transmission along with other segments like energy storage, floating solar, and wind-solar hybrid projects.
The company had started bidding for transmission projects from August last year and it hopes to grab contracts worth of Rs 1500 crore (US$ 200 million).
The company is backed by Goldman Sachs which holds a 48.6% stake, a majority shareholder and has received foreign direct investment to the tune of US$1.4 billion since its inception.
Reference- Economic Times, Mercom India, Clean Technica