ReNew Power Is Now ReNew, As Firm Seeks A Bigger Canvas

ReNew Power Is Now ReNew, As Firm Seeks A Bigger Canvas ReNew Repays Over $1 Billion to Offshore Bondholders in FY 2023

NASDAQ listed Renew Power has a new name, logo and domain now. The firm has made a serious statement of intent with a shift to the more generic ReNew along with the matching domain, at The changes are being accompanied with the firm’s transition from being just an energy player to a firm seeking to be present at every key pathway of the decarbonisation movement, by adding Carbon Offsets and Energy Services to its repertoire. Chairman and CEO Sumant Sinha said “ReNew aims to provide solutions that will enable companies and countries to make a rapid, urgent and ethical transition towards clean energy. ReNew’s endeavour is to build on its renewable energy business, and widen its offerings across the spectrum, that support decarbonisation within the context of the future of energy”.

From starting off as a pure play wind energy player in 2011, to a strong pivot to solar energy, and then an acknowledgement of the role of Wind yet again when it won the first Round the clock (RTC) renewable energy tender in India, its JV with Fluence for large battery storage solutions, ReNew has served as a good bell weather for the shifts in the renewable energy space. With a current operational portfolio of 7.7 GW, it remains the largest renewable energy player in the country, with an estimated 13.4 GW of total capacity in sight by 2024-25.

ReNew CMD Sumant Sinha

Sumant Sinha: Seeking The Bigger Picture

It made a significant shift to the corporate PPA market after its NASDAQ listing via the innovative SPAC route in August 2021. Attracted by what it saw as rising demand and better margins, Sinha pointed out that it’s a decision that has been vindicated by the quality of clients it has today, and a claimed 27% share of the market, as compared to around 10% share of the Solar+wind market in India after a dozen years.  It’s the same market that the firm will target for its newer launches, be it Carbon offsets or Energy services, which will include energy efficiency services among others.

The move into carbon offsets is well timed, as the government has already announced to establish deeper trading markets in India. It is also an area that dovetails nicely with ReNew’s obvious strengths in global financial markets, where it has led by way of fund raising from an array of institutions, besides the NASDAQ listing. In recent months, the firm had also put together a JV with PSU majors Indian Oil and NTPC for the high capex Green Hydrogen production. The new diversifications should also be far less capital intensive and offer better margins, once established. Asked about the possibility of taking the joint venture route in these, Sinha pointed out that the firm has built up a strong base of internal learnings and experience with the segment, while not ruling out the possibility of taking on partners for a bigger push.

Sinha confirmed that the JV for green hydrogen production with Indian Oil and NTPC remained on track, even as the firm will start producing its own solar cells and modules in due course too.

While the new logo and the .com address signal a more global outlook beyond just financing now with the wider portfolio of options the firm offers, the firm’s odds of making a success out of these remain better than most, thanks to its global outlook from the start.

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