Renew Power

Jindal Saw to acquire 31.2% stake in ReNew Green Energy for undisclosed sum

Jindal Saw on Tuesday said it has inked a pact to acquire 31.20 per cent equity in ReNew Green Energy. However, the company did not divulge the financial details of this equity acquisition. In a filing, Jindal Saw said, "It has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), which resulted RGMHH as an associate of the company". The acquisition is with an objective to procure electricity at a concessional rate, the company said. Jindal Saw further said it aims to complete the acquisition by May 31, 2025, or any other date as may be mutually decided between the parties. It is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and the UAE.

ReNew Energy offered to be taken private in $2.82 bln deal: US SEC filings

That represents an 11.5 per cent premium to the stock's closing price of $6.34 on Nasdaq on Dec. 10. The offer's valuation is based on a total of 398.61 million diluted shares outstanding as of Aug 1

Reliance, ReNew, others submit bids under green hydrogen transition scheme

As many as 14 firms, including Reliance Green Hydrogen and Green Chemicals, ReNew E-Fuels, Waaree Clean Energy Solution, and Avaada Green H2 have submitted bids under the green hydrogen transition scheme. The maximum benefits available under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-II) is Rs 5,400 crore. According to a statement by the bid coordinator, Solar Energy Corporation of India (SECI), the technical bids for incentives for green hydrogen production capacity of about 4,50,000 tonnes under the second tranche of the scheme was opened on Monday. The scheme provides for maximum benefit of Rs 50 per kg in the first year, Rs 40 per kg in the second year, and Rs 30 per kg in third year. Thus, the maximum benefit available under the Tranche II is about Rs 5,400 crore. Under the bucket I, the SECI received bids for 6,20,000 tones against the available capacity of 4,50,000 tonnes. Similarly, under the bucket II, bids for 6,500 tonnes we

ReNew Energy plans buyback to delist from Nasdaq at 11.5% premium

The company's shares have consistently traded well below a peak of about $12 in February 2021. A buyback of cheap shares could represent an opportunity as the Indian market is set to grow

ReNew Energy's Q2 net profit rises 31% to Rs 440 crore on higher income

ReNew Energy Global Plc (ReNew) on Wednesday reported a 31 per cent rise in net profit to Rs 493.9 crore (USD 59 million) in the September 2024 quarter pushed by higher income. It posted a net profit of Rs 377.1 crore (USD 45 million) in the July-September period of preceding 2023-24 fiscal, the Nasdaq-listed entity said in a statement. ReNew's total income in the second quarter also rose to Rs 2,988.7 crore (USD 357 million) from Rs 2,863.2 crore (USD 342 million) during the same period last financial year. Net profit for April-September or H1 FY25 was Rs 533.3 crore (USD 64 million), compared to Rs 675.4 crore (USD 81 million) for H1 FY24. Total income was Rs 5,471.3 crore (USD 653 million) during the period over Rs 5,329.1 crore (USD 636 million) for H1 FY24. As of September 30, 2024, the company's portfolio consisted of 15.6 GW compared to 13.8 GW as of September 30, 2023. Subsequent to the end of the quarter, the company signed PPAs (Power Purchase Agreements) for 0.7 GW of

ReNew signs clean power sale agreement worth 437.6 MW with Microsoft

ReNew on Tuesday announced the signing of a clean power sale contract of 437.6 megawatt (MW) with Microsoft. The contract is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft's aim to become carbon negative by 2030, ReNew said in a statement. "ReNew today announced the signing of a green attribute sale contract of 437.6 MW with Microsoft," it said. ReNew will direct about USD 15 million of revenue from the contract towards a community fund to support environment-focussed initiatives. This work will be delivered in partnership with the ReNew Foundation, the philanthropic arm of ReNew, which works to create sustainable communities through climate action with a focus on women and youth and whose efforts are aligned with Microsoft's Environmental Justice priorities. Puneet Chandok, President, Microsoft India & South Asia, said, "This agreement with ReNew accelerates our progress towards these goals while benefiting local ..

Nasdaq-listed ReNew Energy Global posts profit of Rs 414 crore in FY24

It said with the company signing 2.2 GW of power purchase agreements (PPAs) towards the end of the financial year, its portfolio has grown to 15.6 GW, as of May 2024

ReNew, JERA to jointly evaluate green ammonia projects in Odisha

ReNew also has a joint venture called GH4India Pvt Ltd with state-owned oil company Indian Oil Ltd and manufacturing major L&T to jointly set up a green hydrogen business

ReNew inks initial pact with Asian Development Bank for $5.3 bn funding

Renewable energy firm ReNew Energy Global Plc has inked an initial pact with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. "The MoU was signed at COP28, Dubai by ReNew's Founder, Chairman and CEO, Sumant Sinha and Suzanne Gaboury, Director General, Private Sector Operations Department, ADB," a company statement said. According to the statement, the MoU identified potential investments in renewable energy projects, manufacturing, carbon offset projects, green hydrogen, to jointly support sustainable energy transition. ReNew Energy Global Plc and ADB will also collaborate on climate change mitigation and adaptation projects, it said. The initial pact covers lending of more than USD 5.3 billion between 2023 and 2028, it informed. The MoU, a first of its kind in the Indian Renewable Energy sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant Renewable Energy infrastructure projects,

Clean energy firm ReNew posts Rs 377 cr net profit in Sep quarter

Clean energy player ReNew on Monday reported a net profit of Rs 377.1 crore during the September 2023 quarter, supported by higher income. It had clocked a Rs 98.6 crore net loss during the July-September period of the last fiscal, the company said in a statement. Its total income rose to Rs 2,863.2 crore from Rs 2,240.9 crore in the year-ago quarter. The adjusted EBITDA was Rs 2,129.8 crore against Rs 1,820.9 crore in Q2 FY23. As of September 30, 2023, the company said, its portfolio stood at 13.8 GW, including solar and wind capacities, compared to 13.4 GW a year ago.

Renew Power plans to invest Rs 44,000 cr by FY26: CEO Sumant Sinha

Renew Power is targeting to invest around Rs 44,000 crore till the end of FY26 to add up to 9 gigawatt of capacity, company's chairman and CEO Sumant Sinha said on Monday. The company, which has an installed capacity of 9.5 GW, is looking to invest both in wind and solar projects going forward that will require investments at the rate of about Rs 5.5 crore per MW, he said. Sinha said the company has signed power purchase agreements for 5.5 GW of projects, which will be commissioned by the end of FY25, while in the case of another 3.5 GW, it has won bids but PPAs are yet to be signed. Stating that it takes around Rs 4 crore per MW to install solar capacity and over Rs 7 crore for wind, and assuming a mix of 40:60 between the two, the average cost per MW of new capacity comes at over Rs 5 crore per MW. At a ballpark level, we are looking to invest about Rs 44,000 crore, Sinha said, speaking after the launch of the second edition of his book 'Fossil Free'. When asked about the impact

Homegrown ReNew finds place in '15 Climate Tech Companies to Watch' list

Homegrown green energy player ReNew has found a place in the top '15 Climate Tech Companies to Watch' list, prepared by US-based MIT Technology Review. "I am proud to share that the prestigious MIT Technology Review has listed ReNew in its inaugural list of 15 Climate Tech Companies to Watch', a new global list highlighting established businesses and startups that have the greatest potential to substantially reduce greenhouse-gas emissions and climate threats," Sumant Sinha, founder, Chairman and CEO of ReNew, said. He made the remarks in an internal communication to the company's employees. The editorial team at MIT Technology Review undertook an exhaustive process, involving consultation with multiple industry experts, investors, academic sources, and global editors while scanning through company materials, comparing technical approaches, and assessing the scientific credibility of various claims before arriving at the final list, he noted. "ReNew, finding its place in the very .

Fresh Canada investments in Indian renewable firms may slow down: Bernstein

Brookfield, another Canadian firm eyeing the Indian market, has an existing 4 GW portfolio. The company has invested $1 billion in Avaada Energy and $361 million in CleanMax

ReNew signs pact with Petronas's green unit Gentari for 5GW projects

Gentari is looking to build close to 30 GW in renewable energy capacity by 2030

ReNew Energy announces appointment of three independent directors

ReNew Energy Global Plc on Monday announced appointment of three independent directors. "Board of Directors has appointed Paula Gold-Williams, Nicoletta Giadrossi and Philip Graham New as Non-Executive Independent Directors with effect from August 23, 2023," a company statement said. The term of office of each appointee will be till the Annual General Meeting in 2025, if the proposal is approved by the shareholders. Paula Gold-Williams is the former President and CEO of CPS Energy. Currently, she serves as a corporate director on the board of Emera, Inc, a utility holding company headquartered in Nova Scotia, Canada. Nicoletta Giadrossi holds various leadership roles in prominent companies. Philip Graham New is a non-executive director at Norsk Hydro ASA since May 2022 and serves on its audit committee since June 2023. He also holds the position of non-executive director at Almar Water Solutions BV since March 2017.

ReNew makes strategic appointments to its independent board of directors

The appointment of Paula Gold-Williams, Nicoletta Giadrossi, and Philip Graham New as non-executive independent directors aims to increase gender diversity of the independent board

ReNew setting up 2 hybrid projects of 70.2 MW in Karnataka for energy park

ReNew on Thursday said it is setting up two hybrid projects of 70.2 MW in Karnataka. "ReNew is setting up a 27.2 MW...project for Toyota to support its renewable energy requirements for its car manufacturing plant in Bidadi, and a 43 MW power project for Sandur to kickstart its decarbonization journey," the company said in a statement. The two solar and wind energy projects will help reduce 150 kilotonne of CO2 emissions per year. The projects are part of ReNew's 200 MW energy park to supply clean power to companies in Karnataka's Vijaynagara region. The company did not provide any financial details of the projects. According to industry estimates, to set up every 1 MW of renewable energy project, an investment of Rs 5-6 crore is required.

ReNew Energy Global Plc posts Rs 7.4 crore net profit in March quarter

ReNew Energy Global Plc has posted a net profit of Rs 7.4 crore, mainly on the back of higher revenues. "Net profit for Q4 FY23 (January-March 2023) was Rs 74 million (USD 1 million) compared to a net loss of Rs 3,554 million (USD 43 million) for Q4 FY22 (January-March 2022," a company statement said. The total income (or total revenue) for Q4 FY23 was Rs 2,591.6 crore (USD 315 million), an increase of 47.1 per cent over Q4 FY22. The company's net loss narrowed to Rs 502.9 crore (USD 61 million) in fiscal 2022-23 from a loss of Rs 1,612.8 crore (USD 196 million) for FY22. Its total income (or total revenue) for FY23 was Rs 8,930.9 crore (USD 1,087 million), an increase of 29.1 per cent over FY22. As of March 31, 2023, the company's portfolio consisted of 13.7 GWs, a 28.2 per cent increase year-on-year, of which eight GWs are commissioned and 5.7 GWs are committed. The company expects to complete construction on 1,750 to 2,250 MWs by the end of fiscal year 2024. As much as 101 MW

Renew Power planning to raise $400 mn in green bonds to refinance old loans

Early this month, Reliance Industries raised $5 billion for its telecom and new energy projects

Hybrid energy project likely to start by 2024, says Jindal Stainless MD

The 300 MW hybrid project in partnership with ReNew is expected to commence operation in the next 18 months, Jindal Stainless Managing Director Abhyuday Jindal has said. In December 2022, Jindal Stainless Ltd (JSL) partnered with ReNew to develop the proposed 300 MW hybrid energy project. When asked about the timeline of the project, Jindal told PTI, "We (JSL and ReNew) are on track on the pact. That project is 300 MW. Land acquisition has already been completed for the project". The project will start in the next one and a half years' time, he said. On the company's hydrogen project, the MD said it is expected to start in July this year. In August 2022, the country's largest stainless steel player partnered with Hygenco India Private Limited to set up a green hydrogen plant. "These green initiatives are part of our mission to switch from a thermal energy-intensive manufacturing setup to renewable energy alternatives," he said. The company will continue to take proactive steps t