ReNew Power Ventures Private Limited, India's leading solar and wind energy company, on March 31, 2016 became the first company to cross an installed capacity of 1 GW from its clean energy projects in India. This key milestone was achieved within a short span of 5 years with a total of 29 wind and solar projects across 9 states in India.
ReNew Power was founded in 2011 by Sumant Sinha and is present across the states of Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand. The company is backed by marquee investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA) and Asian Development Bank and Global Environment Fund. Among new companies in India in the last 5 years, ReNew is the fifth largest in terms of total equity raised, the second largest in terms of total capital raised and the largest on both counts in the renewable energy sector in India.
Speaking on achieving the milestone, Mr. Sumant Sinha, Chairman and CEO, ReNew Power said, "This is a very exciting time for us as we aim to play a vital role in meeting India's growing energy needs. The Government recently announced the 100,000 MW target for solar under the National Solar Mission, and 60,000 MW for wind. This will significantly accelerate the pace of deployment of renewable energy in India and we are already seeing this in recent capacity adds. We hope to contribute to this growth story in a significant way. ReNew will play a key role in supplementing India's energy mix and we hope to achieve many more milestones as we achieved today."
