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ReNew Power doubles installed capacity to over 2 GW with $1-bn investment

According to reports, Sumant Sinha-led ReNew Power Ventures doubled its power generation capacity in a year’s time to cross 2,000 MW. It achieved the target with Rs 6,700 crore (approximately $1 billion) investment adding 430 MW of solar and 626 MW of wind capacity.

Over the past six years, the company has increased its capacity multifold — starting from 200 MW in the financial year (FY) 2011-2012 to 2 GW as on March 31, 2017.

 “In April 2016, we were the first company in India to achieve 1 GW of commissioned renewable energy capacity. The doubling of our capacity to 2 GW within a year by March 2017 is a result of great teamwork coupled with our commitment to contributing approximately 10 per cent to the Government’s renewable target,” said Sumant Sinha, chairman and CEO, ReNew Power.

He further adds, “This milestone acquires special significance due to several reasons — our growth is organic, the capacity has doubled on a significant base of 1 GW, and we are committed to delivering high-quality projects to add value for all our stakeholders.”

ReNew Power was launched in 2011 by Sumant Sinha with Goldman Sachs. It recently has secured long-term debt financing of $390 million from Asian Development Bank (ADB) and LEAP. Also, Japanese power sector major JERA recently picked up 10 per cent stake in the company.

In February 2017, ReNew Power raised Rs 3,100 crore through issuance of rupee-denominated bonds (“masala bonds”) to an overseas special purpose vehicle.

ReNew Power Ventures, an independent power producer (IPP), has over 3,000 MW of commissioned and under-construction wind and solar capacity across the states of Delhi, Gujarat, Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Jharkhand, Uttar Pradesh, West Bengal, Tamil Nadu, Himachal Pradesh and Andhra Pradesh.

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