ReNew Power said on Monday the company has rebranded itself as ReNew by changing its logo and website and that it is now transitioning from being a solar and wind independent power producer to being a decarbonisation company.

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As part of the new focus ReNew is entering new sustainable energy segments like green hydrogen, energy storage, carbon markets, and solar manufacturing, and would work with enterprises that have set their net-zero transition goals.

Sumant Sinha, Chairman and CEO, told CNBC-TV18 that ReNew aims to enable companies and countries to make a rapid and ethical transition. “The government has set a target of 5 million tonnes of green hydrogen by 2030. This will require approximately 125,000 megawatts of renewable energy capacity and a $200 billion investment. Renew is looking to be an active participant in this project," he said.

Sinha said the clean energy firm was looking at setting up new green hydrogen plants in India and is also in talks with potential partners globally. "We have a pipeline of projects where we have signed PPAs of 5-and-a-half GW. These projects will be commissioned in 18 months. Total capex required in this is about Rs 35,000 crore,” he added.

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As per the company's new website, the decarbonisation solutions offered by the company include energy generation, net-zero solutions for corporates and green hydrogen solutions.

According to industry estimates, global power consumption is likely to triple by 2050 as electrification and living standards grow. De-carbonisation will play a critical role in meeting sustainable development goals (SDGs) and strengthening global action against climate change.

Sinha told CNBC-TV18 last month that the next 5-8 years would be crucial for the future of renewable energy, and India has a unique opportunity to play a significant role. He emphasised the importance of addressing climate change issues through technology and customer engagement.

Also read: Budget 2023 | FM hikes allocation for renewable energy by 48% to Rs 10,222 crore

He had then also acknowledged that significant capacity additions would be necessary. “As India grows, so shall we. Therefore, we will continue to have to add a fairly significant amount of capacity to maintain our position in the renewable sector in India,” he had said.

According to Sinha, India's energy demand is expected to grow 2-3 times in the next 20-30 years, and the country would have to add an energy system equivalent to the size of the European Union to meet this demand.

Also read: Next 5-8 years are crucial for renewable sector, says ReNew Power

First Published:Feb 13, 2023 2:01 PM IST