Renew Power, India’s largest clean energy firm, plans to double its portfolio of running plants and projects under implementation to 20,000 MW in five years, an ambitious growth plan that has cheered its major investor Goldman Sachs.
The expansion would require an investment of Rs 40,000 crore to Rs 50,000 crore, going by the average cost of projects in the industry, although the company did not share financial details. Project economics vary across the country, depending on the cost of land and the intensity of sunlight or wind.
Sumant Sinha-led Renew Power’s aggressive expansion is part of the growing corporate interest in the sector in which Gautan Adani is also expanding his presence with the aim of becoming the world’s biggest renewable energy company with a capacity of 25,000 MW.
“This year despite the impact of Covid-19, the government has been actively bringing out new bids in the renewable energy space and companies have responded enthusiastically,” Renew Power chairman and managing director Sumant Sinha told ET.