FOR FORMER WALL STREET banker Sumant Sinha, who headed the retail business for the Aditya Birla Group at the beginning of his career in India, ReNew is all about renewing his commitment to a cleaner, greener future, every single day.
It was more than 15 years ago that Sinha had the foresight that climate change would impact one and all. And, that it would be a business opportunity as well. From Aditya Birla Group, Sinha went on to work for Suzlon Energy. Later, he founded ReNew Power, now rebranded as ReNew, a leading decarbonisation company.
In an interview with BW Businessworld, Sinha, Founder, Chairman and CEO, ReNew, opened up on the group's future plans, the road ahead and the challenges.
"Today, we have about 8 gigawatt (GW) commissioned capacity, and another 6 GW in the pipeline. Over the next five to 10 years, we expect to grow our portfolio manifold in alignment with the government's target," said Sinha.
ReNew is projected to become a 30GW firm in the next ten years or so, if it continues with the current growth momentum. "ReNew has planned a capex of almost Rs 30,000 crore in this fiscal," making it "one of the top 10 asset-creating companies in India".
With around 4,000 MW of wind capacity, ReNew is the largest wind energy company in India. In terms of commissioned capacity, ReNew is India's largest renewable energy company with capacity of about 8 GW. The company says it is likely to go up to 14 GW in the next two years. Currently, ReNew has around 10 percent market share in India's renewable sector. It generates more than 1 percent of India's electricity capacity. ReNew operates more than 150 utility-scale projects spread across 18 states in India. Its revenues grew to Rs 6,919.5 crore in FY22, registering a 27 percent jump over last year.
New Goalposts
This story is from the 17 June 2023 edition of Business World India.
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This story is from the 17 June 2023 edition of Business World India.
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