ReNew, which has an operating portfolio of 10 gigawatts (GW), has received Letters of Awards (LoAs) for around 5.8 gigawatts (GW) of Renewable Energy (RE) capacity, said Sumant Sinha, the company’s Founder and Chairman. Speaking to businessline, he noted that these additions will increase the Nasdaq-listed company’s overall capacity to over 21 GW in the next 4-5 years. Excerpts:
ReNew has become the first company to surpass the milestone of 10GW. What are your plans for capacity additions?
ReNew is India’s leading decarbonisation solutions provider with an operating portfolio of 10 GW and an overall portfolio of 15.6 GW, In addition, ReNew has received LoAs for around 5.8 GW of RE capacity, which will bring its overall projected capacity to over 21 GWs in the next 4-5 years.
How did you perform in FY24 in terms of capacity addition?
Last year alone, ReNew won auctions to supply 4.8 GW (PPA) RE capacity, accounting for 10.1 per cent of the total capacity for which tenders were concluded during the year. ReNew contributed approximately 10 per cent of India’s total solar and wind energy generation in FY24. The company has a wind portfolio of 4.7 GW, representing 10.5 per cent of India’s total wind energy capacity.
How much has ReNew invested so far?
We have spent over $9 billion so far in executing 10 GW of renewable projects in India. ReNew’s expansion plans are driven by its strong fundamentals. As of March 31, 2024, the company has a balance sheet size of around $10.5 billion, with strong visibility of funding for current and future projects.
What are your future funding plans?
We have long-term funding commitments from domestic and international institutions. We have MoUs with PFC and REC to fund close to $8 billion. Last year, ADB signed an MoU to fund $5.3 billion worth of ReNew’s projects. Recently, we also signed an MoU with Societe Generale for $1 billion.
What are your views on the Union Budget for FY25?
The Union Budget for FY25 is strong in terms of economic management and clean energy transition. The focus on both immediate socio-economic needs and long-term growth indicates a balanced approach. Through the budget, the government has demonstrated a commitment to fiscal discipline by maintaining a significant capital expenditure while simultaneously aiming for a lower fiscal deficit. This is likely to enhance investor confidence and economic stability. On energy transition, the government’s announcements to stimulate manufacturing through changes in duty structures on inputs and equipment are highly welcome, and so is the announcement on publishing a long-term roadmap for India’s energy pathways.