ReNew Energy Global plc Dossier
Qualitative Analysis
Business overview
ReNew Energy Global plc (NASDAQ: RNW) is a leading decarbonization solutions provider and one of the largest independent renewable energy power producers globally. Headquartered in Gurugram, India, and incorporated in the United Kingdom, the company develops, builds, owns, and operates utility-scale wind, solar, and hydro energy projects. Beyond power generation, ReNew provides end-to-end clean energy solutions, including corporate energy offerings, energy storage, green hydrogen, and carbon market services. The company also operates solar cell and module manufacturing facilities to vertically integrate its supply chain.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Pivoting the project pipeline configuration toward solar combined with Battery Energy Storage Systems (BESS) to capitalize on falling battery prices.
Expected impact: Improves project returns, lowers execution risk, and provides greater generation and cash flow predictability, with only a minor EBITDA impact of INR 7 billion.
Monetizing mature operational assets to unlock capital and redeploy it into higher-growth segments such as manufacturing, battery storage, and corporate clean-energy solutions.
Expected impact: Improves financial flexibility, reduces leverage (net debt-to-EBITDA declined by 1.1 turns in FY26), and targets INR 1-2 billion of asset-sale gains in FY27 Adjusted EBITDA.
Expanding solar cell manufacturing capacity by 4 GW and establishing a new 6.5 GW ingot and wafer facility to de-risk supply chain constraints.
Expected impact: Secures internal supply of components, mitigates geopolitical procurement risks, and drives external sales (targeting INR 10-12 billion of manufacturing Adjusted EBITDA in FY27).
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Secured a $95 million equity investment (with LeapFrog committing $50 million, and the balance from EMCAF and Carlyle AlpInvest) into ReNew's commercial and industrial (C&I) platform, ReNew Green Energy Solutions. The consortium will acquire an approximate 11.3% stake in the platform.
Terms: $95 million equity investment for an approximate 11.3% stake.
Agreed to sell its 100 MW/117.5 MWp solar project in Tamil Nadu (owned by ReNew Solar Energy (Rajasthan) Private Limited) to Technique Solaire's India-focused arm, JLT Energy 9, as part of its capital recycling strategy.
Terms: Enterprise value of approximately $49 million, generating roughly $24 million in cash inflows for ReNew.