ReNew Power is one of the leading sustainable power producers of India that generates electricity from renewable resources. Founded in 2011, this startup is the first Indian company and the 11th company globally- to cross 5GW of installed capacity. It is also one of the top 40 Indian companies in terms of assets base. It had entered the unicorn club long back and is still leading in its field. You may have heard ReNew Power’s name but have you heard the story behind its success?
The success story of ReNew Power:
Its journey started in 2011 when the founder Sumant Sinha had launched this company with the help of a team set up at Savant Advisors. The company initially started out with just 3 employees working in a small office in Mumbai. The company received its first funding of $200 million from Goldman Sachs within a few months after its foundation. Throughout the next few years, it managed to raise around $740 million from investors like Abu Dhabi Investment Authority and Asian Development Bank.
ReNew Powers set up its first wind farm venture in Gujarat. In the initial stage, Sumant had decided to focus mostly on wind power but he expanded his field later into biomass, solar and hydro energy.
In 2016, the company achieved 1 GW capacity and it was the first company in India to be able to do so. It also launched IIT center of excellence in the same year for cooperating with the institute in research, analysis, and advancement of technology.
Later in 2019 ReNew Power became the first company to collaborate with GSE&C, a prominent company from Korea in the renewable energy sector. Recently after the announcement of “Atmanirbhar Bharat”, ReNew Power announced that they would start assembling solar based cells in India.
Funding received by ReNew Power:
In 2019, it won funding of 350 million USD from the US Government’s development finance institution, Overseas Private Investment Corporation (OPIC). It also raised 375 million USD through the issue of Green Bonds and 300 million USD via the Right’s Issue with existing investors Goldman Sachs, ADIA, and CPPIB contributing equally.
In 2018, CPPIB invested in the company buying shares of about Rs.9180.48 million and further invested Rs.16,089.99 million as subscriptions to Equity Shares.
Moreover, ReNew Power has been evolving rapidly with even advanced technologies that keep up with the changing needs of the country.
So, are you an entrepreneur searching for inspiration to open your own company? Well, I am sure the story of this startup will be a source of motivation for your entrepreneurial advancements. If you have a business idea, we would love to hear from you in Happython 2020!
AAIWay brings to you a golden opportunity for having your business ideas funded in Happython 2020 which is a startup pitch competition to be held on13th December. Your business ideas can be related to green technology, e-commerce, robotics, or anyone among the many areas of innovation encouraged by Happython. To learn more about Happython 2020, visit http://aaiway.com/events/
Event date: 13th December
Last date for registration: 5th December
So, what are you waiting for?
Register for Happython 2020 today and see your dream project take off!