ReNew Power has been named to the World Economic Forum’s (WEF) Global Lighthouse Network, which recognizes companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth.
In announcing ReNew’s appointment, the WEF specifically noted the company’s recent investments in digital analytics and machine learning to increase the power yield, and decrease the downtime, of its solar and wind generation assets, as factors in its appointment.
ReNew is one of only two Indian companies to be recognized by the Global Lighthouse Network this year.
As announced on February 24, 2021, ReNew has entered into definitive agreement for a business combination with RMG Acquisition Corporation II, a publicly-traded special purpose acquisition company, which would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
ReNew’s Hubli facility was specifically nominated as a Global Lighthouse for its groundbreaking work in development and deployment of advanced analytics and machine learning solutions to increase the yield of ReNew’s wind and solar assets. The technology deployment helped ReNew improve employee productivity by 31 per cent and reduce downtime for its assets by 31 per cent, without incurring any additional capital expenditure.
Speaking about the honor, Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power said, “We are delighted to be named a Global Lighthouse company by the World Economic Forum. The recognition is a testament to our transformation efforts as we embark on our journey to become a data-driven, clean energy enterprise supporting India’s clean energy transition. As we gain scale, we will embrace technology even further, in a manner that helps us respond better to disruptions, prepare for shifts in supply-demand balance, and prioritize workforce development.”
Also read: ReNew Power Wins India’s First Round-The-Clock RE Tender
The WEF Global Lighthouse Network is a group of 69 factories which serve as a platform to develop, replicate, and scale innovations, creating opportunities for cross-company learning and collaboration, while setting new benchmarks for the global manufacturing community.
Featured photograph, sourced from World Economic Forum, shows the inside view of one of the 69 factories currently included in WEF’s Global Lighthouse Network.
