9 May 2025
Financial Express
ReNew Energy Global Plc is betting big on export of solar modules,
with the expectation of major gains in the US market, as competitors from
southeast Asian nations face additional tariff barriers.
Additionally, the company is also looking at energy storage
solutions projects including pumped and and battery energy systems.
While an additional
13-14 giga watts RE capacity is being built, the company has tied up power
purchase contracts for roughly half of that.
“Solar module exports is something we are exploring, particularly
in the US market. We have to see what shape the (US) tariff policy takes.
Recently, the US also put tariffs on solar imports from four southeast Asian
nations, so that opens a pretty good opportunity for us,” Sanjay Varghese,
Group President, solar project and manufacturing at ReNew told FE.
He added that other than India, the US is a main potential market
for the company because it has put higher restrictions on Chinese imports,
compared to others.
He added that other than India, the US is a main potential market
for the company because it has put higher restrictions on Chinese imports,
compared to others.
Post-expansion,
ReNew’s total manufacturing capacity will be around 6.4 GW of solar modules and
6.4 GW of solar cells.
ReNew, an independent power producer (IPP) in the renewable energy
(RE) segment with a current commissioned capacity of 11.5 GW, has an additional
13-14 GW of capacity in its pipeline with plans to commission most of it in the
next 3-5 years, the company’s Founder, Chairman & CEO, Sumant Sinha told
FE.
Asked whether the company has plans to sell its renewable
energy assets to fund its expansion, Sinha said that it is looking at
opportunities and “will evaluate as and when there is something.”
“We have in the past
sold our RE assets and we keep talking to people and looking at opportunities
and should something interesting present itself we might look at it for sure
because we have a pretty large pipeline of capacity that we want to have and to
do that we will need to sell assets to fund part of that,” Sinha said.
Just last year in December, the company sold its 300 MW solar
project in Jaisalmer, Rajasthan, at an enterprise valuation of $176 million
(nearly Rs 1,500 crore) to Anzen Energy Yield Plus Trust.
ReNew is a decarbonisation solutions company listed on Nasdaq. The
company has however decided to delist from Nasdaq and has earlier received a
non-binding proposal dated December 10, 2024, from Abu Dhabi Future Energy
Company PJSC-Masdar (Masdar), Canada Pension Plan Investment Board (CPP
Investments), Platinum Hawk C 2019 RSC Limited as trustee for the Platinum
Cactus A 2019 Trust (Platinum Hawk) (a wholly owned subsidiary of the Abu Dhabi
Investment Authority, ADIA) and Sumant Sinha (the Founder, Chairman and CEO of
ReNew) (together with Masdar, CPP Investments, and Platinum Hawk, the
Consortium) to acquire the entire issued and to-be-issued share capital of the
company not already owned by members of the Consortium, for cash consideration
of $7.07 per share.
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