ReNew Power, an independent power producer, has announced that it will increase its module manufacturing capacity from the initially anticipated 4 GW to 6 GW. An estimated $325 million to $350 million in capital expenditures are anticipated for this expansion in its module manufacturing capacity. The additional capital expenditure of $140 million to $150 million will most likely cost the company 3 per cent to 4 per cent of its projected capital expenditures over the next three years. By the second quarter of 2023, the company expects to have its 2 GW cell manufacturing facility fully operational.
In April 2022, a 49 per cent stake in ReNew Power’s 400 MW round-the-clock (RTC) utility-scale renewable energy project was purchased by Mitsui & Co.. The project comprises a 400 MW solar plant with 100 MWh of battery storage and three newly constructed wind farms with a total capacity of 900 MW. ReNew Surya Roshni, a subsidiary of ReNew Power, developed the projects, which are spread over Rajasthan, Karnataka, and Maharashtra.
Recently, Suzuki Motor started purchasing wind and solar energy from ReNew Power for its Gujarat facility as part of its effort to lower around 6 per cent of the Japanese automaker’s global carbon dioxide emissions. India, as Suzuki’s largest market, contributed to over 60 per cent of the automaker’s global four-wheeled vehicle production last fiscal year, and will be crucial to the company’s decarbonization objectives.