Sumant Sinha, former chief operating officer of Suzlon Energy, has started, ReNew Power Ventures Pvt. Ltd., a renewable energy firm focused on wind and solar power generation. ReNew Power has been established with a vision of balancing development with sustainability.
Commenting on the announcement, Sumant Sinha, Chairman and CEO, ReNew Power said, “ReNew Power has set ambitious targets to rapidly expand its footprint in the growing Indian wind energy market. As our definite dedication to power growth through green and sustainable energy solutions and in our mission to mitigate climate change, we have set for ourselves a target of adding meaningful capacities of renewable energy every year. The Indian Government’s interest in CDM projects and the introduction of Generation Based Incentives (GBI) are significant signs of change in the renewable energy market and will encourage independent power project developers like ReNew Power.”
According to another report, ReNew Power is Sinha’s second venture since his exit from the wind turbine maker last year. Late last year, he founded Savant Advisors, an investment banking and consulting firm.
Sinha told DNA on Wednesday that there is a team in place at Savant and he will be more involved in an executive role at ReNew, of which he is chairman and chief executive.
Asked why a renewable energy firm, Sinha said, “When I was with Suzlon I wanted to set up an advisory firm and having been in the wind industry, I knew the opportunities there were huge and exciting.”
He added that ReNew is in the process of identifying projects and has signed agreements with Suzlon, Kenersys GmBH, which is part of the Kalyani group, and Regen Powertech for wind turbines. However, he refused to divulge planned capacity and financial details.
It will be exciting to see how quickly Sumant Sinha is able to scale this company, given his strong background in Suzlon. IPP developers in the past after acquiring strong production assets in wind have been unable to significantly scale, in spite of being backed by strong financial institutions as investors.
However, there have been other succesful IPP’s like Orient Green Power, CLP and up and coming Solar IPPs like Kiran Energy.