ReNew said that it has completed the construction of 1.94 gigawatts (GW) of RE assets in FY24, taking the cumulative capacity set up by the company to over 10 GW.

Accounting for assets sold, ReNew’s revenue-generating capacity stands at 9.52 GW as of March 31, 2024. The Nasdaq-listed firm added 1,174 megawatts (MW) of solar in the last financial year, the company said.

ReNew said that it added 768 MW of wind energy capacity in FY24, which is one of the highest capacity additions among all companies in India, in a single year. It also has India’s largest wind portfolio of 4.7 GW, representing 10.5 per cent of India’s total wind energy capacity.

Last fiscal year, ReNew contributed around 10 per cent of India’s total solar and wind energy generation. In FY24, It won auctions to supply 4.8 GW (PPA) renewable energy (RE) capacity, accounting for 10.1 per cent of the total capacity for which tenders were concluded during the year. Looking ahead, this would enable it to double RE assets to 20 GW by 2027-28.

Expansion plans

ReNew Chairperson and CEO Sumant Sinha said, “We will double the amount of clean energy we generate over the next few years while continuing our work to be completely carbon neutral as a company by 2040.”

With a capacity close to 10 GW, ReNew will generate 21 billion units (BU) of clean electricity, enough to power 5.9 million households and avoid 17 million tonnes of CO2 emissions annually. During the past seven years, ReNew helped avoid around 72 million tonnes of carbon emissions.

“ReNew’s expansion plans are driven by its strong fundamentals. As of December 31, 2023, the company has a balance sheet size of around $10.6 billion (around ₹88,600 crore), with strong visibility of funding for current and future projects,” the company said.

The company started its operations with a 25 MW wind project in Gujarat and entered the solar energy space in 2014. ReNew became the first clean energy firm to cross operating capacity of 1 GW in 2016 and doubled it the next year. In 2019, it became the first Indian renewable energy company to achieve the 5 GW milestone.