It’s hard to keep up with all that ReNew Energy Global is constantly in the news for.
In April alone, the Goldman Sachs-backed, Nasdaq-listed clean energy company made three announcements:
- A joint venture for green hydrogen green hydrogen green hydrogen Green hydrogen is a clean fuel that's produced by splitting water into hydrogen and oxygen, using renewable energy such as solar power. with construction and engineering giant Larsen & Toubro and oil refiner and retailer Indian Oil Corporation
- A 49% stake sale in a 400 megawatt (MW), storage-linked renewable energy project to Japanese trading and investment firm Mitsui & Co
- An almost 20% increase in its overall capacity to 12.1 gigawatt gigawatt gigawatt A unit of power equal to one billion watts. (GW), with nearly 1 GW contracted directly from corporates looking to buy clean power
ReNew, like many of its peers, has been producing renewable energy through government-awarded projects since it was founded in 2011. But it wants to change things up.
It wants to leverage India Inc’s decarbonisation efforts by directly supplying power to companies. It wants to make its own solar cells and modules. It wants to sell battery energy storage systems, even joining hands with US-based Fluence Energy.
“These are all signals to the market that they are trying to be a big energy company,” says a senior executive with a rival clean energy company. They and several others The Ken spoke to for this story requested anonymity as they did not want to be seen talking about ReNew.
At the core of all of ReNew’s wants is the initial public offering (IPO) it made on Nasdaq in April 2021—ReNew went public by merging merging The Ken ReNew’s SPAC boost doesn’t guarantee its moment in the sun Read more with a special-purpose acquisition company ( SPAC SPAC SPAC A special purpose acquisition company (SPAC) is a company that has no commercial operations and is formed strictly to raise capital through an initial public offering (IPO) or the purpose of acquiring or merging with an existing company. ). The IPO gave ReNew the advantage of being listed in a market with a longer history of publicly traded clean energy companies and a better understanding of the business than in India.