ReNew Power to invest Rs 30,000 cr to scale up green capacities

Mumbai: Green energy company ReNew Power plans to invest Rs 30,000 crore over the next two years to scale up its solar and wind energy capacities, its Chairman Sumant Sinha said.

Sinha, who is also the founder and CEO of the company, said, "We have 5,000 megawatts (MW) of projects that we are building right now. We have won various auctions and have PPAs (power purchase agreements)."

The company plans to spend almost Rs 30,000 crore over the next two years to scale up solar and wind energy capacities, he said. Sinha also said his company plans to produce green hydrogen in India.

ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally. The company currently has an aggregate capacity of 13.2 gigawatt (GW), including capacity already won in competitive bids.

Prime Minister Narendra Modi announced the National Hydrogen Mission in his Independence Day speech last year, with the goal of assisting the government in meeting its climate targets and making India a green hydrogen hub.

The Union New and Renewable Energy Minister, R K Singh, has said that the mission document is being finalised and is expected to be launched in the next 1-2 months.

Sinha, who is alse president of industry body Assocham, had recently said the government needs to react to the competitive measures various countries are taking to promote green hydrogen manufacturing as India eyes becoming a global hub of new energy

Published on: Sunday, October 16, 2022, 07:25 PM IST