India PV News Snippets

ReNew Targets 10.2 GW Commissioned Capacity By FY23-End… & More

India PV News Snippets

From 6.2 GW operational capacity at present, ReNew aims to expand the number to 18 GW by FY 2025, the management has announced. (Source: ReNew Power Private Limited)

  • ReNew has said for FY 2023 its target is to commission its total capacity 10.2 GW
  • Tata Power Solar to build 100 MW distributed ground mounted solar capacity for EESL
  • RNESL signs MoU with Stiesdal A/S to explore electrolyzer manufacturing in India

ReNew’s Capital Markets Day: Indian renewable energy company ReNew Power, now calling itself ReNew, is targeting commissioning of 10.2 GW capacity by the end of FY 2023, growing from an operating capacity of 8.2 GW guided to be achieved by FY 2022. During its Capital Markets Day, ReNew said it FY 2022 adjusted EBITDA guidance remains the same at $810 million, and by the end of FY 2023 it should report an annual EBITDA of between $1.1 billion to $1.2 billion, or about the double FY 2021 EBITDA. Its current operational capacity is 6.4 GW, which it aims to increase to 18 GW by FY 2025. In August 2021, the company began trading on NASDAQ post completion of its business combination with RMG II, leading to the creation of ReNew Energy Global plc (see India’s ReNew Power Starts Trading On NASDAQ).

Distributed solar contract for Tata Power Solar: Energy Efficiency Services Limited (EESL) has a awarded letter of award (LOA) to Tata Power Solar to establish 100 MW distributed ground mounted solar power capacity over the next 12 months. The INR 5.38 billion ($71.5 million) contract will see this capacity coming up in Maharashtra with Tata Power Solar providing EPC and commissioning services. It takes the company’s utility scale EPC order book to 4 GW DC.

Electrolyzer MoU for Reliance: Reliance New Energy Solar Limited (RNESL) has signed a memorandum of understanding (MoU) with Stiesdal A/S to partner and cooperate on the completion, development and subsequent Indian manufacturing of the latter’s HydroGen Electrolyzer with a license from the company. The MoU enables discussions and exchange of information for the purpose, RNESL added in a Bombay Stock Exchange (BSE) filing. RNESL’s parent company Reliance Industries Limited (RIL) has announced its plans to build 4 gigafactories in India, including 1 for electrolyzer manufacturing as part of its renewable energy ambitions (see Indian Billionaire Wants 4 New Energy Gigafactories). The company has been making headlines of late with its acquisition of Norway’s REC Group, a 40% stake in SWSL and investing in NexWafe of Germany (see Strategic Investment For German Wafer Producer).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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