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ReNew Power has announced binding agreements for the acquisition of two renewable energy portfolios, including a 99MW hydropower project in Uttarakhand and solar projects totaling 260MW/330MWp in Telangana. The combined enterprise value of these acquisitions is approximately INR 28.5 billion (US$384 million), expected to generate an annual EBITDA of INR 3.8 – 4.0 billion (US$50.7 – 53.4 million). This move marks ReNew's entry into the hydropower sector and is seen as a strategic step to enhance its market offerings and support its growth targets.
ReNew Power has signed a Memorandum of Understanding (MoU) with RackBank Datacenters to supply renewable energy to India's first green data center. The MoU includes the construction of a hybrid power generation facility and the purchase of green energy through an Open Access mechanism. This partnership aims to establish a net-zero emissions data center, positioning RackBank for significant growth with a projected 500 MW IT capacity over five years.
The agreement also aligns with ReNew's strategy to support corporate transitions to cleaner energy sources.
ReNew Power won a 200 MW solar generation project in Maharashtra, India, from MSEDCL, rated 'A' by ICRA. The company plans to sign a 25-Year Power Purchase Agreement by Q3 FY 2022, offering energy at Rs 2.43/kWh (~US$0.033). Construction will take place in Gujarat or Rajasthan, utilizing high-efficiency Mono Perc modules from its own facility. The project is expected to be completed by Q1 FY 2024. This marks ReNew's first use of its manufacturing facility in Gujarat, enhancing its competitive position in the renewable energy sector.
ReNew Energy Global PLC announced the proposed Board of Directors following its business combination with RMG Acquisition Corporation II (NASDAQ: RMGB). The board consists of six independent members, including Sir Sumantra Chakrabarti and Manoj Singh, plus four additional directors including ReNew Power's founder, Sumant Sinha. This leadership aims to guide ReNew through its next growth phase in the renewable energy sector, particularly in India, where it is the leading independent power producer with a capacity close to 10 GW. The transaction completion is expected in Q3 2021.
The UN Global Compact has recognized Sumant Sinha, Chairman & MD of ReNew Power, as one of the 2021 SDG Pioneers for his efforts in promoting clean energy and sustainability. Under his leadership, ReNew Power has integrated Sustainable Development Goals (SDGs) into its operations, contributing to SDG 7 (Affordable and Clean Energy) and SDG 5 (Gender Equality). The company, founded in January 2011, operates approximately 10 GW of renewable energy capacity in India, significantly impacting carbon emissions. The business combination with RMG Acquisition Corporation II aims to make ReNew Power a publicly listed entity.
ReNew Power, India's leading renewable energy company, has successfully commissioned a 105 MW solar facility in Gujarat, enhancing its operational solar capacity in the state to 145 MW and total capacity to 4.7 GW across India. The project is backed by a 25-year power purchase agreement with GUVNL at a rate of Rs 2.68/kWh. This commissioning, part of over 500 MW in renewable projects announced since March, aligns with India's goal of achieving 450 GW of clean energy by 2030. ReNew is also set for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB).
ReNew Power has successfully priced $585 million of 4.5% U.S. dollar-denominated green bonds set to mature in 2028. The bonds were priced on March 31, 2021, and the proceeds will primarily be used to repay outstanding debt. With a tenor of 7.25 years and a fixed interest rate, these bonds will be listed on the India International Exchange (IFSC). ReNew Power is India's leading renewable energy company with nearly 10 GW of operational capacity across wind and solar energy projects as of December 31, 2020.
ReNew Power has been recognized as a member of the World Economic Forum's Global Lighthouse Network, highlighting its commitment to technology-driven sustainable growth. This accolade is rooted in ReNew's investments in digital analytics and machine learning, which have enhanced the efficiency of its solar and wind assets. The Hubli facility specifically improved productivity by 31% and reduced downtime by the same percentage without additional capital costs. ReNew aims to leverage technology further to support India's clean energy transition and will be formally acknowledged during the "Lighthouse Live" event on March 17, 2021.
