Latest news with #SumantSinha
Yahoo
19-05-2025
- Business
- Yahoo
ReNew to invest $2.5bn in Indian hybrid renewable energy
ReNew Energy Global has unveiled plans to invest Rs220bn ($2.5bn) in one of India's largest hybrid renewable energy projects. The project will be situated in the Anantapur district in the state of Andhra Pradesh and offer a generation capacity of roughly 2.8GW. The hybrid initiative will consist of 1.8 gigawatts peak of solar power and 1GW of wind power, complemented by a 2 gigawatt-hour (GWh) battery energy storage system (BESS). The project is poised to become one of the most extensive renewable energy complexes at a single location in India. Andhra Pradesh Minister for Information Technology Nara Lokesh laid the foundation stone for the project along with ReNew's founder, chairman and CEO Sumant Sinha. The initial phase will feature the establishment of 587 megawatts peak (MWp) of solar and 250MW of wind energy capacity, along with a 415 megawatt-hour BESS. Agreements for power purchases (PPAs) for the first phase have already been finalised, with additional capacity planned for future phases. The project aims to improve peak demand management through a substantial BESS, providing power for up to four peak hours each day. In line with the Make in India initiative, the project will employ 100% domestically produced solar panels sourced from ReNew's manufacturing facilities in Jaipur and Dholera. Solar tracking systems and waterless robotic cleaning for solar panels will be utilised to enhance generation and conserve water resources. ReNew currently manages a portfolio of 717MW of operational wind capacity and 60MW of solar capacity across ten locations in Andhra Pradesh. Lokesh stated: 'This project is directly aligned with Andhra Pradesh's integrated clean energy policy and contributes to India's 500GW non-fossil fuel goal by 2030. The 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 new initiative will create 1,500 direct and indirect jobs, aiding the state's ambitious renewable energy objectives. Sinha stated: '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 Honourable Prime Minister's commitment of achieving the target of 500GW of non-fossil fuel electricity generation capacity by the year 2030.' "ReNew to invest $2.5bn in Indian hybrid renewable energy" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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
New Indian Express
15-05-2025
- Business
- New Indian Express
ReNew to set up Rs 20k crore energy complex in Anantapur district
VIJAYAWADA: In a major boost to Andhra Pradesh's renewable energy landscape, ReNew has announced a Rs 22,000 crore investment to set up India's largest single-site renewable energy complex at Bethapalle village in Guntakal Assembly constituency of Anantapur district. The initiative follows a strategic dialogue between Minister for HRD and IT Nara Lokesh and ReNew Chairman & Chief Executive Officer (CEO) Sumant Sinha during the World Economic Forum in Davos. The meeting led to ReNew's return to the State after a six-year investment hiatus. Scheduled for groundbreaking ceremony by Lokesh on May 16, the project's first phase will see Rs 7,000 crore allocated for generating 587 MW solar, 250 MW wind, and a 415 MWh Battery Energy Storage System (BESS). Across all phases, the complex will reach a cumulative capacity of 1800 MWp solar, 1 GW wind, and 2000 MWh BESS. The project is the first major initiative under the Integrated Clean Energy (ICE) Policy, launched by the state in October 2024 to provide structured incentives and expedited approvals for green investments. ReNew, previously Andhra Pradesh's largest renewable investor with 777 MW capacity, paused further projects due to power purchase agreement (PPA) cancellations by the previous government. Its renewed investment underscores confidence in the leadership of Chief Minister N Chandrababu Naidu and the State's policy stability. The Anantapur project aligns with Andhra Pradesh's target of achieving 72 GW renewable capacity by 2029, marking a significant step in its clean energy roadmap.
Hans India
15-05-2025
- Business
- Hans India
ReNew Power to set up renewable energy complex in Anantapur
Vijayawada: In a landmark moment for India's renewable energy sector, ReNew is set to re-enter Andhra Pradesh with a Rs 22,000 crore investment to develop the country's largest single-site renewable energy complex in Anantapur. The breakthrough comes following a strategic meeting between Nara Lokesh, Minister for Information Technology, Electronics and Communications, and Sumant Sinha, Chairman & CEO of ReNew, during the World Economic Forum at Davos. This high-level engagement paved the way for ReNew return, ending a six-year investment pause in the State. The groundbreaking ceremony for the project will be held on Friday, (May 16), by Nara Lokesh. This is the first major project under the Integrated Clean Energy (ICE) Policy, introduced by the Andhra Pradesh government in October 2024, offering structured incentives and fast-track approvals for clean energy investments. ReNew was the largest renewable energy investor in the State prior to 2019, with 777 MW installed capacity. However, the company suspended further development due to PPA cancellations during the previous administration. Its return signifies a strong vote of confidence in the policy stability and proactive leadership of Chief Minister N. Chandrababu Naidu. 'This project is a testament to Andhra Pradesh's resurgence as a national leader in clean energy,' said N Lokesh. 'We are building not just capacity, but credibility and global investor confidence.' The project aligns with Andhra Pradesh's ambitious target of 72 GW renewable energy capacity by 2029, as announced during RE Invest 2024. The past eight months have seen a wave of clean energy investments from major players including, Tata Power – 7,000 MW | Rs 49,000 crore; NTPC (Green Hydrogen) – Rs 1.86 lakh crore; Vedanta's Serentica – 10,000 MW | Rs 50,000 crore; Brookfield – 8,000 MW | Rs 50,000 crore; and SAEL Industries – 1,200 MW | Rs 6,000 crore. Andhra Pradesh is fast emerging as India's most investor-friendly clean energy hub.
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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.'
