ReNew Energy Global plc (NASDAQ: RNW)

ReNew Energy Global Plc is a public limited company incorporated under the laws of England and Wales that operates as a leading decarbonization solutions provider in India. The company develops builds owns and operates renewable energy power plants including wind solar and hydro projects and also manufactures solar photovoltaic modules and cells. In addition ReNew offers value added services such as digital monitoring energy storage and carbon market solutions to help customers achieve reliable and clean power supply.

ReNew Energy Global Plc generates revenue primarily through long term power purchase agreements under which it sells electricity generated from its wind solar and hydro assets to utilities government agencies and commercial and industrial consumers. The company also earns income from the sale of solar photovoltaic modules and cells produced at its manufacturing facilities and from providing ancillary services such as battery energy storage digital energy management and carbon credit trading. These revenue streams are supported by a diversified portfolio of contracted and committed capacity across multiple Indian states.

The company operates through the following segments.

• The utility scale wind segment focuses on developing constructing and operating wind farms across states such as Gujarat Rajasthan Madhya Pradesh Maharashtra and Karnataka. As of May 31 2025 the segment had approximately 3 680 megawatts of commissioned capacity and contributes to the company’s overall renewable generation portfolio.

• The utility scale solar segment develops solar parks and also operates an internal solar module and cell manufacturing business. The segment reported about 3 971 megawatts of commissioned capacity and 6 4 gigawatts of module capacity and 2 5 gigawatts of cell capacity as of May 31 2025.

• The utility scale firm power segment combines wind solar and storage technologies to deliver dispatchable power that meets peak demand. As of May 31 2025 the segment had 1 226 megawatts of commissioned capacity and 3 516 megawatts of committed capacity.

• The corporate wind segment serves private commercial and industrial customers through power purchase agreements for wind projects. The segment had approximately 401 megawatts of commissioned capacity and 614 megawatts of committed capacity as of March 31 2025.

• The corporate solar segment provides solar power to corporate off takers under similar long term contracts. It accounted for roughly 1 074 megawatts of commissioned capacity and 441 megawatts of committed capacity as of March 31 2025.

• The other segment includes a 99 megawatt hydro power plant and merchant assets that sell electricity on exchanges such as the Indian Energy Exchange. This segment contributed about 350 megawatts of commissioned capacity and 210 megawatts of committed capacity as of March 31 2025.

ReNew Energy Global Plc ranks among the largest independent power producers in India by total commissioned capacity and competes with companies such as Tata Power Renewable Energy Adani Green Energy JSW Energy and NTPC in the renewable sector. The company’s competitive advantages include a vertically integrated value chain that encompasses project development land acquisition in house engineering procurement and construction operations and maintenance and solar module and cell manufacturing. Its extensive data network comprising over 130 meteorological masts and a large land bank of more than 50 000 acres supports efficient bidding and execution. Strong relationships with international investors and access to diversified funding sources including green bonds and equity further strengthen its market position.

ReNew Energy Global Plc sells electricity to a broad range of off takers that include central government agencies such as the Solar Energy Corporation of India NTPC NHPC SJVN REMCL and REC state electricity distribution companies like GUVNL MSEDCL TANGEDCO and various state utilities and private commercial and industrial consumers. The company also supplies its manufactured solar modules and cells to third party buyers in the domestic market. This diversified customer base helps ensure stable cash flows under long term power purchase agreements.