ReNew Energy Global (NASDAQ: RNW) announced plans on Friday to invest ₹220 billion ($2.57 billion) in a large-scale hybrid renewable energy project in Andhra Pradesh, aiming to strengthen its position in India’s rapidly expanding clean energy market.
The proposed development will deliver a combined capacity of 2.8 gigawatts (GW) — with 1.8 GW from solar and 1 GW from wind — and is expected to deliver power during peak demand for up to four hours daily, the company said in a statement.
ReNew, which trails only Adani Green in size among India’s renewable energy producers, operates projects across ten Indian states. As of February 14, its global portfolio stood at 17.4 GW, underscoring its expanding international footprint.
India, which missed its clean energy targets in 2022, has since accelerated investment in renewables. However, to achieve its 2030 goal of 500 GW of non-fossil power capacity, the country will need to double its annual capacity additions, according to a recent report by Global Energy Monitor.
