Next 5-8 years are crucial for renewable sector, says ReNew Power

ReNew Power has a leading position in the Indian renewable sector and it intends to maintain that. The future of renewable energy is crucial in the next 5-8 years, and India has a unique opportunity to play a significant role in this industry, according to Sumant Sinha, MD of ReNew Power.

“The next 5-8 years are crucial for the renewable energy sector,” he said.

ReNew is one of the largest renewable energy independent power producers globally. ReNew develops, builds, owns and operates utility-scale wind energy, solar energy and hydro projects.

Speaking to CNBC-TV18, Sinha emphasised the need to scale up renewables to de-carbonise the electricity sector, and highlighted the importance of addressing climate change issues through technology and customer engagement.

ReNew Power intends to maintain its leading position in the Indian renewable sector, but Sinha acknowledged that significant capacity additions will be necessary to achieve this goal.

“As India grows, so shall we. Therefore, we will continue to have to add a fairly significant amount of capacity to maintain our position in the renewable sector in India,” he added.

He also acknowledged that India's energy demand is expected to grow 2-3 times in the next 20-30 years, and that the country will have to add an energy system equivalent to the size of the European Union to meet this demand.

“India has this unique opportunity to write a very different energy development path. India’s energy demand is going to grow by 2-3 times in the next 20-30 years and the path that India follows can be fundamentally different from the path that every other country has followed,” he said.

Sinha stressed the importance of keeping the cost of energy as low as possible for all downstream industries, as cost competition is crucial in this industry. To achieve this, costs need to be cut further on the renewables and green hydrogen side.

“Cost competition is always great, it is good for the consumer,” he mentioned.

He also stated that the company will work with downstream industries to find solutions for green ammonia, methanol, and ethanol.

In addition to exploring opportunities in India, ReNew Power will also look at opportunities globally, such as the carbon market. Sinha stated that the company will try to become the decarbonisation partner for corporations in India and overseas.

With India's energy demand set to grow significantly in the coming years, ReNew Power's commitment to finding sustainable solutions is commendable.