ReNew Power, one of India’s top renewable energy companies, has announced its plans to boost its energy capacity to 50 GW, up from its current 15.6 GW as of August 15, 2024. In addition to this expansion, it is committed to producing 1 million tonnes of green hydrogen annually, supporting India’s goal of achieving 500 GW of renewable energy by 2030.
Under a Memorandum of Understanding (MoU) with the Government of Gujarat, it will invest ₹31,500 crore across three major projects. These include a 3,000 MW solar and 630 MW wind project to supply power to Gujarat, involving an investment of ₹17,500 crore, and a ₹12,000 crore initiative to establish manufacturing facilities for 6,000 MW of ingot-wafer, 8,500 MW of solar cells, and 2,400 MW of solar modules.
Sumant Sinha, Founder, Chairman, and CEO of the company, acknowledged the challenge of high green hydrogen costs due to limited cost-effective storage solutions. However, he expressed optimism about India’s ability to develop a green hydrogen ecosystem sooner than other nations.
He added, “The use of green hydrogen in industries like refining and fertilizer will help establish a sustainable demand and supply chain.” It’s plan to produce 1 million tonnes of green hydrogen annually would account for 20% of India’s target of 5 million tonnes per year by 2030, powered by 25 GW of renewable energy.
The company is one of India’s leading renewable energy companies, founded in 2011 by Sumant Sinha. It has quickly become a major player in the global clean energy space, focusing on large-scale solar and wind power generation. With a current operational capacity of over 15.6 GW as of August 2024,the company has been instrumental in driving India’s transition to renewable energy.
The company is committed to expanding its portfolio to 50 GW by 2030, in line with India’s national target of achieving 500 GW of renewable energy. Additionally, ReNew is heavily investing in green hydrogen production, aiming to produce 1 million tonnes annually, which would significantly contribute to India’s green hydrogen ambitions. Through innovation, large-scale projects, and a commitment to sustainability, it is positioning itself as a leader in the renewable energy sector, not just in India but globally.
