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ReNew Energy invests Rs22,000 crore in 2.8 GW hybrid project in India

ReNew Energy Global commits Rs22,000 crore ($2.57bn) to develop a 2.8 GW solar-wind hybrid power plant in Andhra Pradesh.

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Indian producer ReNew Energy Global has announced an investment of Rs22,000 crore ($2.57bn) for the construction of a hybrid renewable energy project in the state of Andhra Pradesh. The development will have a combined capacity of 2.8 gigawatts, including 1.8 GW from solar energy and 1 GW from wind power, the company confirmed on May 17.

A response to peak demand

The facility will be designed to supply electricity for up to four hours daily during periods of high demand. This strategic positioning aims to meet consumption peaks while leveraging complementary renewable resources. No commissioning date has been announced at this stage, but the group highlighted the importance of this project to its domestic portfolio.

ReNew Energy Global currently ranks second among renewable energy producers in India, behind Adani Green. The company operates in ten Indian states and manages a global portfolio totalling 17.4 GW as of February 14.

Acceleration amid a catch-up phase

This investment comes as the country intensifies efforts to make up for delays in meeting its energy targets. India, which missed its goals in 2022, is seeking to accelerate capacity additions in the non-fossil sector. According to Global Energy Monitor, the country must double its installations over the next five years to reach the national objective of 500 GW in non-fossil capacity by 2030.

Recent figures show that investments in the renewable energy sector have seen a significant increase over the past year. However, current growth remains below the pace required to meet the government’s timelines.

Strategic positioning in a competitive market

The Andhra Pradesh initiative could strengthen ReNew Energy’s competitiveness in a rapidly consolidating market. Combining solar and wind technologies allows better management of intermittency and increased flexibility in grid supply. The company has not disclosed the technology partners or suppliers involved in the project.

“This project marks a significant step in our growth strategy,” said a ReNew Energy official, quoted by KNN India on May 17.

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