Renewable energy company ReNew on Wednesday said that it has completed construction of 1.94 GW of renewable energy assets in FY24, taking the cumulative capacity set up by the company to over 10 GW.
Accounting for assets sold, the company’s revenue generating capacity stands at 9.52 GW as on March 31, 2024. The Company added 1,174 MW of solar and 768 MW of wind energy during FY24.
This is one of the highest ever capacity additions of wind energy among all companies in the country in a single year, it said.
In FY24, ReNew contributed approximately 10 % of India’s total solar and wind energy generation. The company has the country’s largest wind portfolio of 4.7 GW, representing 10.5 %of India’s total wind energy capacity.
Adani Green Energy (AGEL) last week said it has surpassed 10,000 megawatts (MW) of operational portfolio.
“It is the largest greenfield expansion in India’s renewable energy sector and represents about 11% of India’s installed utility-scale solar and wind capacity, contributing over 15% of India’s utility-scale solar installations,” AGEL said.
In 2023-24, ReNew won auctions to supply 4.8 GW (PPA) RE capacity, accounting for 10.1 % of the total capacity, for which tenders were concluded during the year. Looking ahead, this would enable the company to double its RE asset portfolio to 20 GW by 2027/28.
As on December 31, 2023, the company has a balancesheet size of around $10.6 billion (`88,600 crore), with strong visibility of funding for current and future projects.
Sumant Sinha, founder, chairperson and chief executive officer of ReNew, said, “We will double the amount of clean energy we generate over the next few years, while continuing our work to be completely carbon neutral as a company by 2040.”
The company’s expansion of its operational capability comes as India targets to achieve 500 GW of non-fossil fuel energy capacity and reduce its projected carbon emissions by one billion tonnes by 2030