ReNew Power, one of the leading renewable energy players in India, has announced plans to increase its capacity to 50 GW from its current portfolio of ~15.6 GW, as of August 15, 2024. Additionally, ReNew has also committed to invest significantly to produce 1 million tonnes of green hydrogen annually to support the nation’s goal of installing 500 gigawatts (GW) of renewable energy capacity by 2030.
As per the MoU signed between the company and the Government of Gujarat, ReNew Power plans to invest a total of Rs 31,500 crore in three projects. These projects include a 3000 MW Solar and 630 MW Wind projects in Gujarat /for supplying power to Gujarat with the investment of Rs 17,500 crore and a Rs 12,000 crore project to set up 6,000 MW ingot-wafer, 8500 MW solar cells and 2400 MW of solar modules manufacturing facilities.
Sumant Sinha, Founder, Chairman and CEO of ReNew highlighted that the high cost of green hydrogen due to the lack of cost effective storage is a challenge. He said, “Though the whole world is looking forward towards green hydrogen as a viable resource, India will be able to develop an ecosystem much sooner than most countries. The use of green hydrogen in the refining industry and the fertilizer industry will help us develop a proper demand and supply chain for green hydrogen.”
It should be mentioned that ReNew’s aim to produce 1 million tonnes of green hydrogen makes 20% of India’s projected capacity of 5 million tonnes of Green Hydrogen per annum by 2030, and this will be powered by 25GW of renewable energy.