ReNew hits 10 GW capacity milestone, adds 1.94 GW in FY24

New Delhi: ReNew, a global leader in the clean energy sector announced the completion of 1.94 gigawatts (GW) of renewable energy assets in the financial year 2024, taking its total capacity beyond the 10 GW mark. The company's revenue-generating capacity now stands at 9.52 GW as of March 31, 2024.

During FY24, ReNew added 1,174 megawatts (MW) of solar and 768 MW of wind energy, marking one of the largest single-year capacity additions in India's wind energy sector. The company now contributes approximately 10 percent to India's total solar and wind energy generation, with its wind portfolio alone accounting for 10.5 percent of the nation’s total wind energy capacity.

ReNew also secured rights to supply 4.8 GW of renewable energy capacity in auctions held in 2023-24, making up 10.1 percent of the total capacity for which tenders were concluded during the year. This positions the company to achieve its goal of doubling its renewable energy asset portfolio to 20 GW by the 2027/28 period.

With a presence across over 150 renewable energy sites in 10 Indian states and a workforce exceeding 4,000 employees, ReNew is recognized among the top ten global renewable energy companies, excluding China. The company's B2B vertical includes clients such as Amazon, Microsoft, and Toyota.

Sumant Sinha, Founder, Chairperson, and CEO, ReNew, said, “I am incredibly proud of the work we have done to reach this milestone. ReNew continues to be at the heart of India's transformation as a clean energy leader, with ambitions to double the clean energy we generate over the next few years and achieve complete carbon neutrality by 2040."

The company's expansion comes as India aims to achieve 500 GW of non-fossil fuel energy capacity and reduce its carbon emissions by one billion tonnes by 2030. ReNew's growth from a single 25 MW wind project in Gujarat in 2011 to becoming a leading clean energy firm reflects its significant contributions to India’s renewable energy ambitions.

ReNew's operations are expected to generate 21 billion units of clean electricity annually, enough to power 5.9 million households and reduce CO2 emissions by 17 million tonnes each year. Over the past seven years, the company has helped avoid approximately 72 million tonnes of carbon emissions.