Big Deal: ReNew Power sees green hydrogen, storage battery as new frontiers
CNBC-TV18’s special show, Big Deal, focuses on the new energy business and the various opportunities as well as themes developing in the space in the changed world order. Nasdaq listed ReNew Power’s Sumant Sinha shared his perspective on the show.
CNBC-TV18’s special show, Big Deal, focuses on the new energy business and the various opportunities as well as themes developing in the space in changed world order. Nasdaq-listed ReNew Power’s Sumant Sinha shared his perspective on the show.
Sinha believes green hydrogen projects in India and outside India and storage batteries are the new opportunities for the company.
“In India, we have started a green hydrogen joint venture with Indian Oil Corporation (IOC) and Larsen and Toubro (L&T) for green hydrogen projects within India. We are looking at a joint venture for batteries with Fluence and we are looking at green hydrogen opportunities outside India as well because our view is that hydrogen will be a global business. Therefore we are looking at all of these,” he said.
ReNew Power is the first company from India to list overseas via the special purpose acquisition company (SPAC) route almost a year ago.
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The company is in a much better position now than it was at the time of listing, he said.
“We are now waiting for the markets to come back a little bit and as that happens, we are pretty confident that with the performance that we are now showing, hopefully, that begins to reflect more directly into our share price as well,” he said.
The company is fully funded right now and doesn’t need to raise any capital per se. Therefore, through all of the disruptions happening in the international capital markets, ReNew Power just has to sit tight and focus and execute on its core business to make sure it becomes as healthy and sustainable as possible.
“We have about $1.5 billion of cash on our balancesheet as of March 31, 2022,” he said.
Sinha said he believes energy producers continue to benefit from the Russia-Ukraine war. Further, he said the company is seriously exploring various strategies to get into the Carbon Credit business, as renewables are attractive for investors, and see more exposure from existing shareholders
"The focus is to build more capacity in this space organically," he said.
For the entire discussion, watch the accompanying video
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