ReNew Power to invest Rs 300 bn on scaling up capacity

18 Oct 2022 CW Team

Green energy company ReNew Power will invest Rs 300 billion over the next two years to scale up solar and wind energy capacities, its chairman and chief executive officer Sumant Sinha said.

"We have 5,000 megawatts of projects that we are building right now. We have won various auctions and have PPAs (power purchase agreements)," Sinha, who is the founder of the company, told a news agency.

ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally. The company currently has an aggregate capacity of 13.2 gigawatt, including capacity already won in competitive bidding.

Sinha also said his company plans to produce green hydrogen in India.

In his Independence Day speech last year, Prime Minister Narendra Modi had announced the launch of the National Hydrogen Mission with a view to aiding the government in meeting its climate targets and making India a green hydrogen hub.

Sinha, who is also the president of industry body Assocham, had recently said the government needs to react to the competitive measures various countries are taking to promote green hydrogen manufacturing as India eyes becoming a global hub of new energy.

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