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.
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.