ReNew Power to invest Rs 30,000 cr to scale up solar and wind energy capacities in next 2 years

Green energy company ReNew Power plans to invest Rs 30,000 crore over the next two years to scale up its solar and wind energy capacities, its Chairman Sumant Sinha said.

"We have 5,000 megawatts (MW) of projects that we are building right now. We have won various auctions... Have PPAs (power purchase agreements)," Sinha, who is also the founder and CEO of the company, told PTI.

The company plans to spend almost Rs 30,000 crore over the next two years to scale up solar and wind energy capacities, he said.

ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally.

The company currently has an aggregate capacity of 13.2 gigawatt (GW), including capacity already won in competitive bids.

Sinha also said his company plans to produce green hydrogen in India.

In his Independence Day speech last year, Prime Minister Narendra Modi had announced the launch of the National Hydrogen Mission with a view to aiding the government in meeting its climate targets and making India a green hydrogen hub.

Union New and Renewable Energy Minister R K Singh had told PTI in September that the mission document is being finalised and is expected to be launched in the next 1-2 months.

Sinha, who is also the president of industry body Assocham, had recently said the government needs to react to the competitive measures various countries are taking to promote green hydrogen manufacturing as India eyes becoming a global hub of new energy.