New Delhi: ReNew will explore investment opportunities in the green hydrogen space as the clean energy firm is expanding its business portfolio, its chairman Sumant Sinha said on Monday. Sinha made the remarks on the sidelines of an event organised in the national capital for re-branding his company ReNew Power as ReNew.
ReNew is one of the largest independent power producers (IPPs) globally, producing renewable energy through solar and wind-based projects.
Asked whether the company is looking to increase its presence in the hydrogen value chain, including manufacturing of electrolysers and green ammonia, Sinha replied in affirmative.
Green ammonia is basically a downstream product of green hydrogen, it is a way to transport the green hydrogen. Besides, manufacturing of electrolysers is also something which ReNew is looking at, he told PTI.
On the rationale behind re-branding the firm, Sinha explained, “I think as a company earlier focus was on the electricity sector and therefore our name of ReNew Power was quite appropriate, but I think going forward, we are looking at a number of different sectors (like) green molecules, downstream of green fuels are the areas we are looking as well.”
The company is also eyeing segments like digital energy services and carbon markets, so it was felt that “the name ReNew fits very well, so we decided to remove Power from our name,” said Sinha, who is also the founder and CEO of the company.
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“Bring down the interest rates because ours is a very interest rate-centric sector. …it is high compared to what you pay in other parts of the world. In India, the rate is in the range of 8 per cent to 9.5 per cent for the industry and (specifically) in power and renewables (sectors) it is 8-10 per cent,” Sumant Sinha, who is also the Chairman of ReNew Power said in an interview.