The problem
India’s electricity demand keeps climbing while coal dominates supply. Utilities needed gigawatt-scale clean power with credible developers behind it, and corporates chasing net-zero targets needed large, bankable renewable contracts — plus a domestic alternative to imported solar panels.
How it works
Founded in 2011 by Sumant Sinha and headquartered in Gurugram, ReNew develops, builds, owns, and operates utility-scale wind, solar, hydro, hybrid, and battery-storage projects — 150+ sites across 10 states with about 4,500 employees. It sells power through long-term agreements to state utilities and to corporate customers including Microsoft, Amazon, and Google; its ReNew Green arm handles commercial-and-industrial supply; and its factories manufacture solar modules and cells. In 2021 it became the first Indian renewable-energy company listed on Nasdaq via a SPAC merger.
Pain points
Utilities short on firm clean supply, corporates needing verifiable green power for net-zero pledges, and a national dependence on imported modules that domestic manufacturing can displace.
Business model
Recurring revenue from long-term power contracts on owned assets, corporate clean-energy solutions and carbon-credit services, and manufacturing income from 6.5 GW of module and 2.5 GW of cell capacity.
Challenges
Auction tariffs keep compressing returns, land acquisition and grid hookups slow new sites, and funding generation, storage, and factory expansion at once keeps balance-sheet pressure high.
Funding
- Raised: publicly listed on Nasdaq (ticker RNW) since the 2021 SPAC merger; project-level equity since includes a $95M Leapfrog-led investment in ReNew Green (Mar 2026) and a $100M British International Investment infusion into solar manufacturing (company release, FY2026).
- Valuation: MISSING.
Latest — Apr 2026
ReNew commissioned a record ~2.4 GW in FY2026 (1.75 GW solar, 0.62 GW wind, 25 MW/100 MWh storage), lifting operating capacity to ~12.6 GW — India’s second-largest operating renewable portfolio — with gross capacity at ~20 GW including 1.7 GW of storage, enough clean energy for the equivalent of 24 million households.