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United News of India
17-05-2025
- Business
- United News of India
ReNew to set up INR 22k Cr hybrid renewable energy project in Andhra Pradesh
Anantapur (Andhra Pradesh), May 16 (UNI) ReNew Energy Global Plc ('ReNew'), a leading decarbonisation solutions company, on Friday announced it will invest INR 22,000 crore (US $2.5 billion) to set up one of India's largest hybrid renewable energy projects in the district. With a generation capacity of around 2.8 GW, including 1.8 GWp solar and 1 GW wind, and a battery energy storage system (BESS) of 2 GWh, this will be one of the largest RE complexes at a single location in India, the company claimed in a release here. Andhra Pradesh Minister for Information Technology, Nara Lokesh, laid the foundation stone for the project in the presence of Sumant Sinha, Founder, Chairman, and CEO, ReNew. In the project's first phase, ReNew will set up 587 MWp solar and 250 MW wind energy capacity, along with a 415 MWh BESS, for which PPAs have already been signed. The rest of the capacity will be developed in subsequent phases. With a large BESS to be installed, the project will be able to supply power for up to 4 peak hours every day (non-RE generating hours), which will help the off-takers with peak demand management and enable renewable energy to be more firm and dispatchable. Aligned with the Make in India mission, the project will be made up of 100% Made-in-India solar panels supplied from ReNew's solar manufacturing units in Jaipur, Rajasthan, and Dholera, Gujarat. Additionally, it will use state-of-the-art solar tracking systems to maximise the generation, and waterless robotic cleaning for solar panels that will enable considerable savings of water. Commenting on the development, the Minister said, 'This project is directly aligned with Andhra Pradesh's Integrated Clean Energy Policy and contributes to India's 500 GW non-fossil fuel goal by 2030. This project is a testament to Andhra Pradesh's resurgence as a national leader in clean energy. We are building not just capacity, but also credibility and global investor confidence'. 'I commend ReNew for this project and would look forward to more such investments in the future,' the Minister added. Sumant Sinha said, 'The state of Andhra Pradesh presents an attractive mix of investor-friendly policies, excellent transmission connectivity, and abundant availability of solar and wind resources. We are highly optimistic about developing large-scale renewable energy capacity in the state to contribute to the Prime Minister's commitment of achieving the target of 500 GW non-fossil fuel electricity generation capacity by the year 2030.' ReNew has a portfolio of 717 MW of operational wind capacity and 60 MW of solar capacity spread over 10 sites in Andhra Pradesh. The company is dedicated to promoting clean energy-led growth in the state, and with this project, it will generate 1,500 direct and indirect jobs as it works in tandem with the government towards the state's target of generating 78.5 GW of solar, 35 GW of wind power capacity, and 25 GWh of battery energy storage, Sumant added. UNI KNR GNK
Mint
16-05-2025
- Business
- Mint
ReNew to invest ₹22,000 cr for 2.8 GW hybrid RE project in Andhra Pradesh
NEW DELHI : Nasdaq-listed ReNew Energy Global Plc on Friday announced an investment of ₹22,000 crore to set up a hybrid renewable energy project in Andhra Pradesh. The 2.8 GW project including 1.8 gigawatt of solar, 1 GW wind, and a battery energy storage system (BESS) of 2 gigawatt hour (GWh) will be set up in Andhra Pradesh's Anantapur district. Nara Lokesh, the minister for information technology, electronics & communications, real-time governance and human resources development of Andhra Pradesh, laid the foundation stone for the project during the day in the presence of Sumant Sinha, founder, chairman, and CEO of ReNew. Also Read: How energy storage can make renewables work for Indian commercial enterprises In the project's first phase, ReNew will set up 587 Megawatt-peak (MWp) solar and 250 Megawatt (MW) wind energy capacity, along with a 415 Megawatt hour (MWh) BESS, for which power purchase agreements (PPAs) have already been signed. The rest of the capacity will be developed in subsequent phases. "With a large BESS to be installed, the project will be able to supply power for up to 4 peak hours every day (non-RE generating hours), which will help the off-takers with peak demand management and enable renewable energy to be more firm and dispatchable," the statement said, adding that the project will be made up of solar panels manufactured in ReNew's manufacturing units in Jaipur, Rajasthan, and Dholera, Gujarat. Aiding India's 2030 clean energy goal 'This project is directly aligned with Andhra Pradesh's Integrated Clean Energy Policy and contributes to India's 500 GW non-fossil fuel goal by 2030," the minister said. Also Read: Fortum to sell majority stakes in renewable, EV charging businesses in India Sinha said that Andhra Pradesh presents an attractive mix of investor-friendly policies, excellent transmission connectivity, and abundant availability of solar and wind resources. "We are highly optimistic about developing large-scale renewable energy capacity in the state to contribute to the hon'ble prime minister's commitment of achieving the target of 500 GW non-fossil fuel electricity generation capacity by the year 2030," Sinha added. ReNew has a portfolio of 717 MW of operational wind capacity and 60 MW of solar capacity spread over 10 sites in Andhra Pradesh. As of 14 February, its gross clean energy portfolio stood at 17.4 GW. Also Read: 25GW of renewable energy capacity installed in FY25: Pralhad Joshi Earlier this month, it received an investment of $100 million from British International Investment (BII) for its solar module and cell manufacturing subsidiary ReNew Photovoltaics Ltd, valuing the unit at $1 billion.
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Business Standard
06-05-2025
- Business
- Business Standard
ReNew raises $100 mn from BII to expand solar cell output in Gujarat
Gurgaon-based ReNew Energy Global Plc announced that it has secured funding of $100 million (Rs 870 crore) from British International Investment (BII), the UK's development finance institution and impact investor. The company said the investment is aimed at building its solar manufacturing business in India. 'This marks BII's first-ever investment in solar manufacturing in India and underscores its commitment to building a resilient, self-reliant renewable energy supply chain in one of the world's fastest-growing clean energy markets,' the two companies said in a joint statement. With this investment, BII will pick up a minority stake in ReNew Photovoltaics Private Limited, the solar manufacturing subsidiary of ReNew. The companies did not reveal the stake value. Established in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan, and Dholera, Gujarat. BII's investment will be primarily utilised to grow the business and expand the company's manufacturing capacity through the construction of a new state-of-the-art 4 GW TOPCon cell facility in Dholera, Gujarat, the statement said. Post-expansion, ReNew's total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells. With an annual output of 4.0–4.5 GW of modules, ReNew Photovoltaics' facilities will primarily serve ReNew's internal consumption, with surplus capacity targeted for third-party sales. Sumant Sinha, founder, chairman and chief executive officer, ReNew, said: 'Venturing into manufacturing was a strategic decision aimed at securing our supply chain, particularly as India advances its objective of indigenising the solar supply chain with a supportive regulatory and policy environment. Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in manufacturing.' Sally Taylor, minister counsellor, climate, science and tech, British High Commission, said: 'This investment in ReNew's solar manufacturing arm is a positive development that will diversify the supply of panels and further build the strong partnership between the UK and India on clean energy.'
Yahoo
14-04-2025
- Business
- Yahoo
Is ReNew Energy Global (RNW) Among the Best Indian Stocks to Buy According to Billionaires?
We recently published a list of the 10 Best Indian Stocks to Buy According to Billionaires. In this article, we will take a look at where ReNew Energy Global Plc (NASDAQ:RNW) stands against other best Indian stocks. India's stock market had a rough ride during the second half of FY25, amid uncertainty around US tariffs, weak earnings, and persistent foreign outflows. Analysts expect the volatility to extend into the new financial year, especially after the Trump administration unveiled fresh tariffs on April 2. READ ALSO: 10 Best European Stocks To Buy According to Billionaires and 20 Stocks Insiders Bought in April After Trump's Tariff Rollout. In recent years, millions of Indian investors have piled into stocks, hoping to build wealth by betting on their country's strong economic growth. Social media has been buzzing with 'finfluencers' offering financial advice and trends. Easy-to-open online brokerage accounts and stock funds have also wooed the population, especially youngsters and retirees, into investing. Several notable billionaires have also made significant investments in Indian stocks, reflecting the market's growing appeal. As of November 2024, Rajiv Jain's GQG Partners was the fourth-largest shareholder in Gautam Adani's firm. Late last year, billionaire Azim Premji's private equity firm also acquired a 1.6% stake in a leading Indian technology services and consulting company. Last Monday, many investors were dealt a blow as the stock market lost $170 billion, with two of the country's most prominent indexes plummeting from fears that Trump's new tariffs would ignite a global recession. Foreign institutional investors sold shares valued at $1.05 billion during the day, the highest outflow since February 28. The market fell again on Wednesday, as the 27% tariff on Indian exports to the US took effect. Here is what Nilesh Shah, managing director at Kotak Mahindra Asset Management, was quoted by Reuters as saying about the situation: 'Indian markets are unable to quantify the uncertainty unleashed by the tariff war. The unfolding events will likely keep sellers on an aggressive sell mode and buyers on a reluctant buy mode.' On April 9, the Reserve Bank of India cut the interest rate by 0.25% and reduced its growth forecast for this year from 6.7% to 6.5%. Sanjay Malhotra, the governor of the central, stated the following in a speech: 'The recent trade tariff-related measures have exacerbated uncertainties, clouding the economic outlook across regions, posing new headwinds for global growth and inflation.' While multiple brokerage firms expect the tariffs to hurt India's GDP growth for FY26, government officials in Delhi, who spoke on the condition of anonymity to a media outlet, expect the country to meet the 6.3%-6.8% growth projection if oil prices stay below $70 per barrel. A finance ministry official said they had already made provisions in the budget for duty remission schemes to help exporters. A wind farm with turbines rotating in unison, showing the power of renewable energy. For this article, we scanned Insider Monkey's Q4 2024 proprietary database of billionaires' stock holdings and identified Indian stocks from the list. From there, we picked the top 10 stocks with the highest number of billionaires having a stake in them. Where two or more stocks were tied on billionaire sentiment, we used the dollar value of billionaire holdings as a tiebreaker between them. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). Number of Billionaires: 6 Billionaire Holdings: $40,074,049 ReNew Energy Global Plc (NASDAQ:RNW) generates power through renewable and non-conventional energy resources. It also provides end-to-end solutions in clean energy, carbon markets, digitalization, and storage. In January, the company announced securing the highest score for a pure-play renewable energy company in India's power sector in S&P Global's Corporate Sustainability Assessment. ReNew Energy Global Plc (NASDAQ:RNW) scored 71 out of 100, registering a 30% leap from its FY 2023 score, driven by a remarkable improvement in its ESG performance. On February 18, ReNew Energy Global Plc (NASDAQ:RNW) announced unaudited consolidated results for the third quarter of the fiscal year 2025 and the nine months that ended December 31, 2024. The company's portfolio comprised 17.4 GWs, improving from 13.8 GWs a year ago. Commissioned capacity increased by 25.5% from last year. ReNew Energy Global Plc (NASDAQ:RNW)'s total revenue for Q3 was reported at $248 million, up 10% year-over-year. The net loss stood at $45 million, worsening from $38 million for Q3 2024. For the nine months, revenue was logged at $887 million, compared to $846 million during the same period last year. The net profit for the nine months was $17 million, down from $41 million for the first nine months of FY 2024. In December last year, ReNew Energy Global Plc (NASDAQ:RNW) announced the sale of its subsidiary, ReNew Sun Waves Private Limited, for $176 million. This is a strategic move aimed at optimising the company's portfolio and improving its financial health. According to Insider Monkey's database for Q4 2024, 6 billionaires held a stake in ReNew Energy Global Plc (NASDAQ:RNW), making it one of the best Indian stocks to buy now. Overall, RNW ranks 7th among the 10 best Indian stocks to buy according to billionaires. While we acknowledge the potential of RNW, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than RNW but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires Disclosure: None. This article is originally published at Insider Monkey.
