ReNew Power Adds 1,056 MW of Renewable Energy Capacity in FY2016-17

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 (~Rs.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.

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