ReNew reaches 7.4 GW of operating renewable energy capacity in surge of on-ground additions

Rhea-AI Summary

ReNew Power has successfully commissioned its 300 MW SECI-6 solar project, marking a new milestone with a total operating capacity of 7.4 GW. This growth includes a record 1.5 GW of renewable energy projects for fiscal year 2022, positioning the company on track to reach 8.2 GW by FY22 end. Major installations occurred in Rajasthan and Gujarat, with a significant portion following Power Purchase Agreements with the Solar Energy Corporation of India. ReNew aims for 18 GW by FY25 and is actively supporting India's climate goals, including green hydrogen initiatives.

Positive

• Commissioning of 300 MW SECI-6 solar project increases total operating capacity to 7.4 GW.
• Achieved record installation of 1.5 GW of renewable energy projects in FY22 YTD.
• On track to meet goal of 8.2 GW capacity by FY22 end.
• 1.5 GW addition expected to offset over 75,000 mn tCO2e of carbon emissions.

Negative

• None.

GURUGRAM, India, Dec. 21, 2021 /PRNewswire/ -- ReNew Power ("ReNew" or "the Company") (NASDAQ: RNW) (NASDAQ: RNWWW), India's leading renewable energy company, today announced it has commissioned the 300 MW SECI-6 solar project, pushing the company's total operating capacity to its highest level ever of 7.4 GW.

Driving this growth is a record installation of 1.5 GW of renewable energy projects this fiscal year (FY22 YTD), despite challenges related to COVID-19 and supply chain disruptions. ReNew is on track to meet its goal of 8.2 GW of operating capacity by the end of FY22. In FY21, ReNew finished the year with an operating capacity of 5.6 GW.

The bulk of ReNew's organic capacity addition that led it to surge past the 7 GW landmark is located in the states of Rajasthan and Gujarat. The 1.5 GW capacity addition in the current fiscal year comprises more than 1.3 GW of utility scale solar projects. These include 1.2 GW in Rajasthan, 105 MW in Gujarat, and 20 MW in Maharashtra. In wind projects, over 150 MW has been installed, including 136 MW in Karnataka and 22 MW in Gujarat.

All these capacity additions in FY22 are expected to offset over 75,000 mn tCo₂e of carbon emissions cumulatively. Around 1.05 GW of this organic capacity addition has a PPA with the Solar Energy Corporation of India ("SECI"), an entity owned by the Government of India, for 25 years.

Speaking about the capacity addition, Chairman and CEO of ReNew, Mr. Sumant Sinha, said: "ReNew continues to be at the heart of India's transformation as a clean energy leader. The major organic addition of 1.5 GW of renewable energy projects this fiscal year and the fact that we have crossed 7 GW of commissioned capacity shows we are well on track to achieve our aspirational goal of 18 GW by FY25."

"We will further intensify our efforts to help India achieve its climate goals, including meeting half of its energy needs through renewables, and also develop green hydrogen," Mr. Sinha added.

ReNew recently announced a partnership with L&T for developing green hydrogen capacity.

The company's expansion of its operational capability comes as India looks at 500 GW of non-fossil fuel energy capacity by 2030 and by the same year, reducing total projected carbon emissions by one billion tonnes, as announced by Prime Minister Narendra Modi at the COP26 Glasgow summit.

About ReNew: ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of November 30, 2021, ReNew had a total capacity of approximately 10.3 GW of renewable energy projects across India including commissioned and committed projects. For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power.

 

View original content:https://www.prnewswire.com/news-releases/renew-reaches-7-4-gw-of-operating-renewable-energy-capacity-in-surge-of-on-ground-additions-301448782.html

SOURCE ReNew Energy Global PLC

FAQ

What is ReNew Power's current total operating capacity as of December 2021?

ReNew Power's total operating capacity is now 7.4 GW, following the commissioning of the 300 MW SECI-6 solar project.

How much renewable energy capacity has ReNew Power added in FY22?

ReNew Power has added 1.5 GW of renewable energy capacity in fiscal year 2022.

What is ReNew Power's target capacity by FY25?

ReNew Power aims to achieve a total capacity of 18 GW by FY25.

Which states have contributed to ReNew Power's recent capacity additions?

Recent capacity additions are primarily located in Rajasthan and Gujarat.

What is the environmental impact of ReNew Power's capacity additions?

The capacity additions are expected to offset over 75,000 million tonnes of carbon emissions cumulatively.