ReNew appoints new CFO

Rhea-AI Summary

ReNew Power has announced the appointment of Kedar Upadhye as Group CFO, Vikash Jain as Global General Counsel, and Vikram Kapur as Chief Growth Officer. These leaders bring rich experience aimed at bolstering the company's expansion in renewable energy sectors, including green hydrogen. The total portfolio increased to approximately 12.1 GW, up nearly 20% since early 2022, driven by Power Purchase Agreements and strategic partnerships. The leadership hires are expected to support ReNew's ambitious growth plans while strengthening governance and operational efficiency.

Positive

• Appointment of experienced leaders enhances strategic positioning.
• Total portfolio growth to ~12.1 GW indicates strong market performance.
• Focus on expanding into green hydrogen and carbon markets enhances future growth prospects.

Negative

• None.

-  Also brings in new General Counsel, Chief Growth Officer

-  Comes on back of total portfolio crossing 12 GW and strategic tie-ups in green hydrogen and battery storage

GURUGRAM, India, May 10, 2022 /PRNewswire/ -- ReNew Power ("ReNew" or "the Company") (NASDAQ: RNW) (NASDAQ: RNWWW), India's leading renewable energy company, today announced it has hired a Group CFO to help drive its next phase of strong growth.

ReNew has also hired a new General Counsel and a Chief Growth Officer who will help lead the company's expansion journey over the next decade, including its push into new clean energy segments such as green hydrogen. The leadership hires come as ReNew's gross total portfolio jumped nearly 20% to ~12.1 GW at the end of April from 10.2 GW at the beginning of 2022. ReNew continues to lead the industry as India's top utility-scale solar developer in 2021, according to Mercom India.

Kedar Upadhye has been appointed as Group CFO. He comes with over 22 years of diverse and global experience. Prior to joining ReNew, he was President and Global CFO, Cipla, one of India's largest publicly traded pharmaceutical companies, with a market cap of approximately $US 9.8 billion. As CFO at Cipla, he headed the global finance and information technology functions and worked across multiple geographies, including the US. His leadership experience includes core financial reporting, business partnership, business model realignment & cost optimization, corporate finance, and global investor relations, apart from implementing several high-impact, cross-functional transformational projects.

Before Cipla, he was VP and Head, Finance and Investor Relations for NYSE-listed Dr. Reddy's Laboratories. Kedar has also held leadership roles at PepsiCo and Thermax. He holds an MBA from the Indian Institute of Management, Bangalore, and is a qualified Company Secretary, as well as a Cost Accountant.

"I am excited to join the inspiring growth journey at ReNew when it is in the process of expanding its footprint and impact multi-fold. I aspire to be a strong partner for value creation, stakeholder delight, and best-in-class governance at ReNew," Kedar said.

Vikash Jain joins ReNew as Global General Counsel. He comes with rich and varied international experience of over 26 years in compliance, governance, and litigation. In his last role, he was Group General Counsel for Vedanta Resources Limited, which included being General Counsel for Cairn Oil & Gas. Vikash has also held leadership roles at Transocean, Jubilant Energy, and Hindustan Oil Exploration Company. He is an MBA from the Indian School of Business, Hyderabad; holds an LLB from VSSD College, Kanpur; and is a qualified Company Secretary, as well as a Cost and Works Accountant.

Speaking about his appointment, Vikash said: "I am excited to join the ReNew family. I look forward to contributing to its inspiring growth journey."

Vikram Kapur, with over two decades of professional experience, joins in the newly created Chief Growth Officer role to help build new businesses such as green hydrogen and carbon markets, as well as international partnerships to enable the core and nascent businesses. Prior to joining ReNew, he spent 17 years at McKinsey & Company, where he was a senior partner leading the energy and material practice. He also was at Unilever for over four years. Vikram holds an MBA from the Indian School of Business, Hyderabad, and a B. Tech from the Indian Institute of Technology, Delhi.

On his new role at ReNew, Vikram said: "I am really excited to join ReNew Power, which is at the forefront of driving the green energy transition in India. There are many new areas of growth such as green hydrogen and carbon markets and I look forward to building these businesses and contributing to the next phase of the company's expansion."

All three leaders will report to Sumant Sinha, Chairman and CEO, ReNew.

Speaking on the appointments, Sumant said: "I am delighted to welcome Kedar, Vikash, and Vikram, whose recognized professional calibre, global expertise, and strategic insights will significantly add to our leadership capabilities as we capitalize on the strong growth opportunity across the clean energy spectrum to help India meet its climate goals."  

ReNew's recent surge in its gross total portfolio comes after signing a number of Power Purchase Agreements with utilities and long-term purchase agreements with corporate buyers this year. It also announced a joint venture with L&T and IndianOil for green hydrogen last month. Earlier this year, it partnered with US-based stationary battery leader Fluence for energy storage in India.

About ReNew

ReNew is one of the largest renewable energy Independent Power Producers in India and globally. ReNew develops, builds, owns, and operates utility-scale wind energy, solar energy, and hydro projects. As of May 9, 2022, ReNew had a gross total portfolio of ~ 12.1 GW of renewable energy projects across India, including commissioned and committed projects. To know more, visit www.renewpower.in and follow us on Linked In, Facebook, Twitter and Instagram. 

Press Enquiries

Kamil Zaheer 
kamil.zaheer@renewpower.in 
+ 91 9811538880
Karan Anand
karan.anand@renewpower.in
+91 9833372732

Investor Enquiries

Nathan Judge
Anunay Shahi
ir@renewpower.in

 

View original content:https://www.prnewswire.com/news-releases/renew-appoints-new-cfo-301543566.html

SOURCE ReNew Power Private Limited

FAQ

Who are the new executives appointed at ReNew Power?

ReNew Power appointed Kedar Upadhye as Group CFO, Vikash Jain as Global General Counsel, and Vikram Kapur as Chief Growth Officer.

What is the significance of the new appointments for ReNew Power?

The new appointments are expected to enhance ReNew Power's leadership capabilities and drive growth in renewable energy sectors, including green hydrogen.

What is ReNew Power's total portfolio size as of May 2022?

As of May 2022, ReNew Power's total portfolio reached approximately 12.1 GW, a growth of nearly 20% since early 2022.

What strategic plans are mentioned in the press release for ReNew Power?

The press release highlights ReNew Power's focus on expanding into green hydrogen and carbon markets, along with strengthening its existing renewable energy segments.