6 December 2024
ReNew
Rajasthan, 6th December, 2024 – ReNew, India’s leading renewable energy company (NASDAQ: RNW), announced the commissioning of 750 MW of a ~1 GW solar project in Rajasthan. The project is being constructed using solar panels manufactured by ReNew in Jaipur, Rajasthan, and Dholera, Gujarat, as part of the Make in India initiative. This highlights the company's efforts to make Rajasthan self-sufficient in meeting its electricity needs.
As part of the project, ReNew has partnered with the Solar Energy Corporation of India (SECI) through three separate Power Purchase Agreements (PPAs) and the energy generated from the project will be supplied to the state. 750 MW has been commissioned, with the remaining 225 MW to be completed by January 2025.
This project highlights ReNew’s unwavering commitment to India’s energy transition and Rajasthan’s journey towards energy self-sufficiency. The company’s current investment of approximately ₹21,000 Cr (~USD 2.5 billion) in the state for completed and under-construction projects is set to scale up manifold. This is in line with the MoU that the company signed previously with the Government of Rajasthan for an investment of ₹62,000 Cr by 2030. This will make ReNew one of the largest private-sector investors in the state.
Commenting on the development, Sumant Sinha, Founder, Chairman & CEO, ReNew, stated, “This ~1 GW solar project highlights our commitment to delivering scalable renewable energy solutions that are both impactful and sustainable. ReNew is playing a pivotal role in supporting Rajasthan’s growth story while advancing India’s vision for energy independence. Projects like this are not just about clean power, they represent a pathway to local economic growth, job creation, and the long-term resilience of our energy infrastructure.”
A significant aspect of this project is its localisation, with 90% of the solar panels manufactured in Rajasthan and 100% of the solar panels made in India. ReNew’s state-of-the-art facilities in Jaipur and Dholera produce ~17,000 solar panels daily using advanced automation technologies, supporting large-scale utility projects and urban rooftops. These facilities have generated over 1,500 direct jobs and an equivalent number of indirect opportunities, further driving the local economy.
Rajasthan is a vital contributor to ReNew’s renewable energy portfolio, hosting a total capacity of 10+ GW, which includes commissioned, under-construction, and pipeline projects, of which 4+ GW is operational. ReNew’s current pipeline stands at over 23 GW, including the contracted renewable energy portfolio, storage systems, and wins in auctions. ReNew reached ~10.4 GW operational capacity as of November 2024, with an additional ~6 GW that is committed, solidifying its position as a leader in India’s clean energy sector.
About ReNew
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy contracted portfolio of ~15.6 GW as of Aug 15, 2024, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit www.renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.
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