ReNew Energy Global Plc on Thursday said its net profit jumped seven-fold to USD 7 million in the January-March quarter of FY24 due to higher income and reduced expenses. The total revenue for the latest fourth quarter decreased by 4.4 per cent to USD 297 million, down from USD 311 million in the same period in the preceding fiscal, according to a company statement. The company attributed the fall in revenue to lower earnings from its transmission projects. The company's net profit for the entire financial year stood at USD 50 million, compared to a net loss of USD 60 million in FY23. The clean energy major registered an 8.1 per cent jump in its total revenue to USD 1,158 million in FY24 from USD 1,072 million in FY23. The company said that the record profits were registered despite a marginal fall in the weighted average Plant Load Factor (PLF) for the reporting quarter as well as the financial year due to lower radiation and wind speeds. While the PLF for FY24 was 26.4 per cent
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
"I'm sure that sustainability will come to the forefront in the longer term as people have not forgotten that aspect," Sinha said
Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew's solar and wind assets of 350 and 450 Mw for $450 million
'People are looking to get into the manufacturing supply chain, governments are looking at expanding transmission infrastructure,' said ReNew Power founder & CEO, Sumant Sinha
Assocham president Sumant Sinha has called for bringing down interest rates for the industry, especially for the domestic renewables sector, which is seeing high rates of 8-10 per cent compared to 3-4 per cent in the western markets. On his expectations from the government for the domestic power and renewable energy sectors in the upcoming budget, Sinha said interest rates should be brought down for the rate-sensitive sector. Finance Minister Nirmala Sitharaman is scheduled to present the budget on February 1. "Bring down the interest rates because ours is a very interest rate-centric sector. ...it is high compared to what you pay in other parts of the world. In India, the rate is in the range of 8 per cent to 9.5 per cent for the industry and (specifically) in power and renewables (sectors) it is 8-10 per cent," Sinha, who is also the Chairman of ReNew Power told PTI in an interview. "In the western world, rates are 3 to 4 per cent." Sinha said every 1 percentage point increase i
ReNew said it will produce the clean energy at its recently commissioned solar site near Bikaner in Rajasthan to supply it to the technology company
The government's PLI scheme, introduced in 2021, had an outlay of around Rs 2 trillion for 13 sectors
In a chat with Business Standard's Arup Roychoudhury, CEO of ReNew Power and President of Assocham Sumant Sinha tells why India could grow at 6-8% per annum if external risks don't upset the cart
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Private sector capex is already picking up right now, there are investments happening certainly in the infrastructure space: Sinha
London-based Climate Group announced the appointment of Sumant Sinha, chairman and managing director of domestic renewable energy company ReNew Power, as a trustee on its UK board for three years
Sinha explains why constantly falling tariffs in the renewable sector are not much of a bother
Sumant Sinha started ReNew Power when the UPA II government was focused on clean energy