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ReNew Power crosses 1,000 MW of installed capacity

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ReNew Power Ventures has crossed 1,000 MW mark of installed capacity from its renewable energy sources across the country.

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The company’s total capacity from wind energy now stands at 880 MW, while the solar’s share is around 180 MW.

“With the government coming up with policies and clarity on solar power front, we see a huge opportunity in this segment. Though, currently, the share of solar in our portfolio is less, we expect that to grow in the next couple of years,” company’s Chairman and CEO Sumant Sinha told here.

He said the company already has a pipeline of 1,400 MW of projects, including solar and wind, which it expects to execute in the next 12-18 months.

“Of this 1,400 MW, 1,100 MW are solar projects and the balance from wind energy. With the government expected to invite bids for another 20,000 MW in the next 18 months, we see a clear visibility of adding more projects in our portfolio over the period,” he said.

Speaking about the scope in wind energy, Sinha said the sector is witnessing a slowdown currently and with the generation based incentive (GBI) expected to be done away with, the government will have to think hard to revive the sector, even as it has set a target of 60,000 MW of wind capacity by 2022.

ReNew Power, backed by investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank and Global Environment Fund has projects in Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand.

“We already have funds for the projects under execution. For the pipeline, we will raise as and when required depending on the project. We have also secured a USD 250 million line of long-term credit from the Overseas Private Investment Corporation (OPIC), an agency of the US government, for funding solar projects,” he said about the company’s fund-raising plans.

PTI

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