ReNew Energy to set up $2.57 billion solar, wind project

ReNew Energy Global said on Friday it will invest 220 billion rupees ($2.57 billion) to set up a hybrid renewable energy project in the eastern Indian state of Andhra Pradesh, as it looks to cash in on the country’s booming clean energy needs.

The company said the project will add 2.8 gigawatts (GW) total energy — 1.8 GW solar and 1 GW wind — and will be able to supply power for up to four hours a day in peak hours.

ReNew Energy, the biggest renewable energy firm in India after Adani Green (ADNA.NS), has projects across ten Indian states, with a total global portfolio of 17.4 GW as of February 14.

India has been scrambling to meet its clean energy targets after falling short in 2022.
Over the past year, the country has ramped up investments in the sector, but it still needs to double capacity additions over the next five years to meet its target of 500 GW non-fossil power capacity by 2030, a Global Energy Monitor report showed.