Ali Hasan
ReNew Power is the need of the Hour
Introduction – ReNew Power is an Indian renewable energy company, based in Gurugram, Haryana, India. They develop, build, own and operate utility-scale wind and solar energy projects, including distributed solar energy production for commercial and industrial consumers. Basically it’s a company that’s dedicated to renewable energy and a sustained future.
Early Days – ReNew Power was started by Sumant Sinha in 2011. The company began its first project at Jasdan in Gujarat in May 2012. In 2016, ReNew became the first Indian renewable energy company to achieve 1 GW output capacity.
In 2016, they launched an IIT centre of excellence to collaborate with the institution in research and technology development. After an impressive start, they now operate over 110 projects across 8 states in India. It has an asset base of over 8 GW, with around 5 GW operational.
The company also signed MoUs with the states of Andhra Pradesh and Maharashtra for investments in renewable energy sector. In 2017 JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power) became an equity holder and ReNew doubled its capacity.
In 2019, they became the first company in India to partner with Korean company GSE&C in renewable energy, jointly developing the SECI-4 project in Rajasthan.
Vision – The founder, Sumant Sinha, vision to create ReNew Power was simply to combat the ill-effects of global warming and climate change. The recent events of glaciers melting or rainforests getting burned have only proven what he really believes in.
He has been successful in setting up a company that has the capacity to generate clean power without harming the environment in any given way while also generating millions of jobs in the process.
He has also written a book named Fossil Free where he explains the roadmap of a future where we don’t depend on fossil fuels anymore. He thinks that the future is on the shoulders of the youth. If the youth want, then they can change the world and make it a better place to live in.
Valuation – The exact valuation of ReNew Power is not clear but the company is valued around $4-8 billion. This value might increase or decrease by the time you read this content.
Revenues – ReNew Power had revenues of $699 million in FY 2021.
Funding – ReNew Power has raised a total of $2.8B in funding over 12 rounds. Their latest funding was raised on Feb 23, 2021 from a Private Equity round. ReNew Power is funded by 9 investors.
Some of the investors are as follows:-
- Sylebra Capital
- Goldman Sachs
- Abu Dhabi Investment Authority
- Canada Pension Plan Investment Board
- Yes Bank
- JERA
- Asian Development Bank
ReNew raised US$450 million through dollar bonds to retire some existing debt.
Acquisitions – ReNew Power has acquired a total of 3 organizations. In 2018, ReNew Power acquired Ostro Energy. They acquired KCT renewable energy in 2017. Their most recent acquisition was Climate Connect Technologies on Jun 4, 2020.
Controversies – We did quite some research about ReNew Power but it seems that they’re quite a decent company with a clear track record.
Present Time & Future Goals – On February 24, 2021, ReNew Power announced that it would go public through its merger with a SPAC called RMG Acquisition Corporation II. The merged company will be ReNew Energy Global PLC and listed on NASDAQ.
The value of the transaction is around $8 billion. During the COVID-19 pandemic, ReNew Power agreed to donate Rs. 20 Crores for mitigation.
Awards won by ReNew Power include the ET Process Innovation Award, 2019, the Champion of Tomorrow at CEO Award 2018, Corporate Social Responsibility Award at FICCI CSR Awards 2018, Outstanding Start up at Forbes India Leadership Award 2017, innovation award in EHS by CII. In 2020, it was named as S&P Platts Global Rising Star Company of the Year.
In July 2020, ReNew Power announced that it will manufacture solar cells and modules in India for 2 GW capacity.
Conclusion – Concluding things up, all we would like to say is that, we need more companies like ReNew Power and at the same time, we need more CEOs like Sumant Sinha.
If more people think like him, then there will be less greed in the corporate world and more emphasis on building sustainability for a better future not only for the present generation but also for the future generations.
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