ReNew Energy Global

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One of India’s largest renewable energy companies, ReNew Energy aims to reduce reliance on coal, which is one of the biggest sources of carbon emissions. Founded in 2011, the company provides clean energy, green hydrogen, and value-added energy solutions. In 2020, the company launched India’s first round-the-clock (RTC) renewable energy project to deliver reliable, 24/7 clean electricity by integrating wind farms, a solar park, and a battery energy storage system. The goal of the 1.3-gigawatt project is to solve intermittency challenges that have limited the adoption of renewable energy in India. ReNew wants to support India’s goal to reach 500 gigawatts of non-fossil-fuel energy by 2030.

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Forty percent of India’s population could lack access to drinking water by 2030, owing to climate change and water-intensive agriculture. Jaisalmer, in India’s northwest, is one of the country’s most water-stressed regions; it’s also the home of ReNew’s wind farms. The Indian renewable energy firm is trying to revive traditional ways to conserve water, like the taanka, a shallow cistern used to collect rainwater. The initiative, started in 2016, has helped almost 16,000 villagers by giving them consistent access to water. Children, particularly girls, also have more time to spend in school now that they don’t need to travel long distances for water. More broadly, ReNew wants to be “water positive” across its entire network, an important endeavor given that its wind and solar farms are often in water-stressed areas.

These companies use the creative tools of capitalism—including the profit motive—to address society’s unmet needs.

CTW 2021-10-Renew Power

As India's largest renewable-energy firm, ReNew has the daunting task of building an alternative to fossil fuels in the nation that is the world’s third-largest oil importer and one of its fastest-growing energy consumers. ReNew provides solar and wind power in nine Indian states, reaching around 400,000 people, but it’s poised for greater growth thanks to recent fundraising. ReNew has brought in $1.4 billion through multiple tranches of “green” bonds since October 2020, and in August it raised more than $1 billion on the Nasdaq via a merger with a special purpose acquisition company (SPAC).

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