India’s ReNew says on track for 8.2 GW by end-March

Indian renewable energy independent power producers (IPP) ReNew Power (NASDAQ:RNW) on Tuesday said it is on track to achieve its goal of having 8.2 GW of operating capacity by the end of the 2022 fiscal year, or March 31, 2022, as it announced the commissioning of a 300-MW solar project.

The switch-on of the SECI-6 solar project brought the company’s total operating capacity to 7.4 GW. It also means ReNew has installed a record 1.5 GW so far in the current fiscal year, in spite of COVID-19 and supply chain challenges, the company said. This includes more than 1.3 GW of utility-scale solar projects, the bulk of which in Rajasthan, as well as over 150 MW of wind facilities.

Of the capacity additions in the 2022 fiscal year, about 1.05 GW has 25-year power purchase agreements (PPAs) with the Indian government’s Solar Energy Corporation of India (SECI).

“The major organic addition of 1.5 GW of renewable energy projects this fiscal year and the fact that we have crossed 7 GW of commissioned capacity shows we are well on track to achieve our aspirational goal of 18 GW by FY25," commented ReNew chairman and chief executive Sumant Sinha.

The company is also looking to develop green hydrogen. It recently partnered up with engineering group Larsen & Toubro (NSE:LT) with regards to the development of such projects.

At the COP26 summit, India committed to 500 GW of non-fossil fuel energy capacity by 2030.

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