India’s leading renewable energy IPP, ReNew Power, has announced its committment to achieve net zero greenhouse gas emissions by 2050. The company’s latest announcement aligns with the ‘Race To Zero’ campaign which is a global alliance committed to achieving net zero carbon emissions through leadership and support from businesses, investors as well as cities and regions. Representing 471 cities, 23 regions, 1,675 businesses, 85 investors, and 569 universities it aims for a zero-carbon future and inclusive sustainable growth and mobilizes a coalition of leading net zero initiatives.
ReNew Power Private Limited has a portfolio of 10 GW of operational and under implementation wind and solar energy projects across India as of December 2020. The company’s current group of stockholders contains several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.
In March 2021, ReNew Power commissioned a 300 MW wind power plant in Gujarat, India. The project was previously awarded to ReNew’s operating subsidiary ReNew Wind Energy (AP2) Private Limited in a competitive e-reverse auction conducted by Solar Energy Corporation of India Limited. The project is in Gujarat’s Kutch District and will provide clean energy to the states of Haryana and Orissa at a tariff of Rs 2.44 per kWh.In February 2021, ReNew Power announced a merger with RMG Acquisition Corporation II to become a publicly listed company in the NASDAQ. The transaction is expected to close in the second quarter of 2021 following which the combined entity would be named ReNew Energy Global PLC and will be listed on the NASDAQ.