ReNew Power doubles capacity to 2 GW in a year
- Defection of MNS corporators to Shiv Sena shakes up Maharashtra’s politics
- SC cracker ban brought respite, but a lot needs to be done
- Can blockchain technology be an answer to India’s land governance woes?
- Can see bright Samvat 2074 ahead: Ramesh Damani
- Mutual funds trim metals, retail holdings, tank up on financial stocks in September
New Delhi: ReNew Power Ventures Pvt. Ltd on Wednesday said it has doubled its power generation capacity in a single year to cross 2,000 Megawatt (MW).
In 2016-17, the renewable energy firm made investments of about Rs6,700 crore (approximately US $1 billion) to add 430 MW of solar and 626 MW of wind capacity.
“In April 2016, we were the first company in India to achieve 1 GW of commissioned renewable energy capacity. The doubling of our capacity to 2 GW within a year by March 2017 is a result of great teamwork coupled with our commitment to contributing approximately 10% to the government of India’s renewables target,” chairman and CEO Sumant Sinha said in a statement.
“This milestone acquires special significance due to several reasons–our growth is organic, the capacity has doubled on a significant base of 1 GW, and we are committed to delivering high quality projects to add value for all our stakeholders,” Sinha added.
ReNew Power is among one of India’s largest renewable energy companies. Over the last six years, the company has increased its capacity from 200 MW in 2011-2012 to 2,000 MW on 31 March 2017.
The Indian government has set a target of 175 GW of renewable power by 2022 which includes 100 GW of solar power and 60 GW of wind power.