MUMBAI

ReNew Power hits 1000 MW milestone

ReNew Power Ventures Private Limited became the first company to cross an installed capacity of 1 Giga Watts (GW) from its clean energy projects in India with the commissioning of 1060MW of projects as on March 31, 2016, a company statement said.

The company is backed by investors such as Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank and Global Environment Fund achieved the milestone of 1000MW capacity within a span of five years with a total of 29 wind and solar projects across nine states in India, the statement said.

Sumant Sinha, chairman and CEO ReNew Power, said: “The government recently announced the 100,000MW target for solar under the National Solar Mission, and 60,000MW for wind. This will significantly accelerate the pace of deployment of renewable energy in India, and we are already seeing this in recent capacity adds. We hope to contribute to this growth story in a significant way.”

Among new companies in India in the past five years, ReNew is the fifth largest in terms of total equity raised, the second largest in terms of total capital raised, and the largest on both counts in the renewable energy sector in India, the statement said.

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