ReNew Power, in a statement, said that it was targeting operational renewable energy capacity of 18 GW by FY25, which is by March 31, 2025.
The company’s current operational capacity stands at 6.4 GW, enhanced after the recent commissioning of a SECI-4 solar project in Jaisalmer, Rajasthan. The company’s total portfolio (including projects under construction) is around 10.2 GW.
A company release said that ReNew expects to have significant opportunities for value accretive growth in the Indian renewable energy market with the bid market representing about 300 GW, corporate PPAs representing 25 GW, and acquisition opportunities representing around 30-50 GW.
According to Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew says, “As India sets its sight on achieving 450 GW of installed clean energy capacity by 2030, ReNew will be a leading catalyst of this transition from fossil-based energy to clean energy. We see a great opportunity in the clean energy sector with an addressable market of US$ 270 bn. The Indian clean energy sector is evolving with innovative constructs such as Round-The-Clock (RTC) power, hybrid with storage tenders and corporate PPAs. ReNew’s growth is likely to come from high return opportunities that comfortably exceed our cost of capital and help us achieve our targeted equity IRRs of 16 – 20 per cent.”
Also read: Vestas Wins Wind Turbine Order From ReNew Power
ReNew will not require any new external equity for the aspirational target of 18 GW which is about 8 GW more than the company’s current total portfolio of 10.2 GW, the release noted.
An operating portfolio of 18 GW is expected to equity fund 3.5 – 4 GW, or around 20 per cent, of annual capacity additions through CFe (cash flow to equity) without the need for new external equity, the release added.
Featured photograph (source: ReNew Power) relates to ReNew Power’s Ellutala wind farm in Karnataka.
