Renew Power is India’s largest Independent Power Producer (IPP) of renewable energy with capacity in excess of 5,800 MW, spread across wind and solar power generation. Operational capacity is currently at 3,900 MW and growing each year. Headquartered in Gurugram, Renew Power was launched in 2011 and started commercial operations in 2012. The company has wind and solar power generation units across India in various states such as Gujarat, Rajasthan, Haryana, Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh. Renew power started on a very small scale, but it has registered significant growth over the years. It has already surpassed the ‘Unicorn’ title, which is a major milestone for all startups. The company is currently valued at more than $2 billion.
The idea for Renew Power came to the company’s founder, Sumant Sinha, when he was working with Suzlon Energy. Sinha was hugely impressed with clean energy technologies and its relevance in the age of climate change. Sinha was able to visualize the significant potential of clean energy and how it can be utilized to create a better world. Sinha wanted to do more in this space and something of his own, which eventually led to the launch of Renew Power in 2011. The company has been growing at a fast pace, with operational capacity almost doubling every year from 2015 to 2018. Renew Power has registered higher growth than the renewable energy industry average all throughout 2013-2018.
Renew Power has received funding worth $2 billion since its inception. Top investors include Goldman Sachs, Abu Dhabi Investment Authority, JERA, Canada Pension Plan Investment Board, and Global Environment Fund.
Renew Power acquired Ostro Energy in April, 2018 for around $1.55 billion. This was the biggest acquisition deal in the country in the renewable energy sector. The acquisition allowed Renew Power to strengthen its position in the renewable energy space.
Renew Power competes with other players in the renewable energy space such as Tata Power Solar, Adani, Azure Power, Hero Future Energies, Vikram Solar, Greenko, and SunSource Energy.
About the Founder:
Renew Power was founded by Sumant Sinha, who currently serves as the Chairman and Managing Director of our Company. Sinha is an alumnus of IIT Delhi and IIM Calcutta and also holds a master’s degree in International Affairs from Columbia University. He has also completed CFA course.
Prior to launching Renew Power, Sinha had worked as an investment banker in US and UK with top companies such as Citicorp Securities and ING Barings Services Limited. After returning to India, Sinha worked with Aditya Birla Group and later with Suzlon. His stint at Suzlon helped him realize the potential of renewable energy and inspired him to take the entrepreneurial plunge.