Imagine a company like NextEra Energy (the U.S. renewable energy giant), but focused purely on building and operating massive wind and solar power plants across India.

It's like Enel Green Power (a major global renewable energy developer and operator), but with a primary focus on the rapidly growing Indian market for utility-scale wind and solar projects.

• Utility-Scale Solar Power Generation: Develops, builds, and operates large-scale solar farms to produce electricity.
• Utility-Scale Wind Power Generation: Develops, builds, and operates large-scale wind farms to produce electricity.
• Hybrid Renewable Energy Projects: Combines solar and wind generation, often with energy storage, to provide more consistent and dispatchable power solutions.
• Energy Storage Solutions: Integrates utility-scale battery energy storage systems with renewable projects to enhance grid stability and power dispatchability.
• Sale of Renewable Electricity: Sells the generated clean electricity to state utilities and commercial/industrial customers through long-term power purchase agreements.

ReNew Energy Global (RNW) primarily sells renewable energy to other companies and government entities through long-term power purchase agreements (PPAs).

Its major customers include:

• Solar Energy Corporation of India (SECI): A central government-owned enterprise and nodal agency for renewable energy projects in India. SECI acts as a primary off-taker for a significant portion of ReNew's utility-scale projects. As a government entity, it is not a publicly traded company and does not have a stock symbol.
• Various State Electricity Distribution Companies (DISCOMs): These are state-level public utilities responsible for power distribution within different Indian states (e.g., Uttar Pradesh Power Corporation Limited, Maharashtra State Electricity Distribution Company Limited). They purchase power from ReNew for projects that do not involve SECI, or are the ultimate off-takers of power facilitated by SECI. As government-owned entities, they are not publicly traded companies and do not have stock symbols.
• Commercial & Industrial (C&I) Customers: ReNew also serves a diverse portfolio of large commercial and industrial enterprises across various sectors. These private companies procure renewable energy directly to meet their operational energy needs and sustainability targets. Due to the broad and diversified nature of this customer segment, individual "major" C&I companies are not typically disclosed as singular primary customers on the same scale as SECI or the collective DISCOMs. Therefore, specific names and symbols of individual C&I customers are not generally identifiable as "major customers" in this context.

• Suzlon Energy Ltd. (NSE: SUZLON)
• Vestas Wind Systems A/S (VWS.CO)
• GE Vernova Inc. (GEV)
• First Solar, Inc. (FSLR)
• Mitsubishi Heavy Industries, Ltd. (7011.T)

Sumant Sinha, Founder, Chairman and CEO

Sumant Sinha is the Founder, Chairman, and CEO of ReNew, which he established in 2011. Before founding ReNew, he held significant roles as an investment banker at Citicorp Securities and ING Barings. He served as the Chief Financial Officer at Aditya Birla Group, where he was involved in the acquisitions of Ultratech Cement, Novelis, and Idea Cellular. Sinha also led Aditya Birla Retail Limited as its Chief Executive Officer from 2007 to 2008 and was the CFO at Suzlon Energy starting in 2008. ReNew initially received backing from Goldman Sachs, and as of 2023, the Canada Pension Plan Investment Board (CPPIB) is a major investor.

Kailash Vaswani, Chief Financial Officer

Kailash Vaswani was appointed as the Chief Financial Officer of ReNew Energy Global Plc, effective October 30, 2023. He is a founding team member of ReNew and previously served as President, Corporate Finance and interim CFO. Vaswani has been instrumental in securing over $15 billion in debt and equity financing for the company since its inception. His prior experience includes working as a Research Analyst at CRISIL, in fixed income research at Morgan Stanley covering US and European bond markets, and in corporate finance and investment roles at Aditya Birla Group and Saffron Asset Advisors, where he contributed to investment decisions exceeding $6.5 billion.

Vaishali Nigam Sinha, Co-founder & Chairperson – Sustainability

Vaishali Nigam Sinha is the Co-founder of ReNew and serves as the Chairperson – Sustainability, playing a crucial role in the company's ESG leadership and net-zero agenda. She is also the Founding Chair of the ReNew Foundation, overseeing the company's corporate social responsibility and sustainability initiatives. Sinha holds a Master's in Public Policy from Columbia University's School of International and Public Affairs and has completed the Owners and Presidents Management Program at Harvard Business School. She is also actively involved in various board positions and is a recognized speaker on climate change and sustainability.

Balram Mehta, COO & Group President – ReNew Services Business and Wind Projects

Balram Mehta joined ReNew in 2011. As the Chief Operating Officer and Group President for ReNew Services Business and Wind Projects, his responsibilities include developing strategies for wind energy projects, managing asset operations, and overseeing the company's digital transformation initiatives. Before joining ReNew, Mehta was the Vice President of Operations (Renewable) at CLP Wind Farms (India) Private Limited and spent nearly a decade with DCM Engineering Products. He holds a degree in Electrical Engineering and an MBA.

Intensified Competition from Diversified Conglomerates Leading to Tariff Compression

The entry and aggressive expansion of large, diversified Indian conglomerates (such as Reliance Industries and Adani Green Energy) into the renewable energy sector is significantly intensifying competition in project auctions. These players possess substantial capital, diversified business interests, and a strategic imperative to build large renewable portfolios, often leading to aggressive bidding that drives down Power Purchase Agreement (PPA) tariffs to unprecedented lows. This trend threatens ReNew Energy Global's project margins and its ability to secure new projects at historically profitable rates, thereby impacting future revenue streams and overall profitability.

Supply Chain Volatility and Raw Material Cost Inflation, Especially for Solar Modules

ReNew Energy Global, like most Indian solar developers, is significantly reliant on imported solar modules. Geopolitical factors, India's domestic manufacturing push through trade policies (e.g., the imposition of Basic Customs Duty on imported solar cells and modules), and global supply chain disruptions have led to considerable volatility and upward pressure on the costs of critical components, particularly solar modules. This directly increases project capital expenditure (CAPEX), extending payback periods and impacting the overall financial viability of new projects, as well as potentially affecting the profitability of ongoing developments.

Grid Integration Challenges and Increased Risk of Curtailment

As India rapidly increases its installed capacity of intermittent renewable energy sources (wind and solar), the national grid faces growing challenges in balancing demand and supply, managing transmission congestion, and ensuring overall grid stability. This raises the risk of grid curtailment, where ReNew Energy Global's generation assets might be instructed to reduce output even when they are capable of producing power. Such curtailment directly leads to lost revenue, impacts the effective capacity utilization of assets, and introduces uncertainty into project financial models.

Addressable Market Sizes in India:

• Overall Renewable Energy Market: The India renewable energy market was valued at approximately USD 24 billion in 2024 and is projected to reach USD 37 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of around 9% from 2025 to 2030. Another estimate places the market value at USD 23.9 billion in 2024, with a projection to reach USD 52.1 billion by 2033, growing at a CAGR of 8.1% from 2025 to 2033. In terms of installed capacity, the market reached 237.17 GW in 2025 and is forecast to increase to 500.23 GW by 2030, at a CAGR of 16.10%.
• Solar Energy Market: The Indian solar energy market generated revenue of USD 10.4 billion in 2023 and is expected to grow to USD 24.9 billion by 2030, with a CAGR of 13.4% during 2024–2030. Solar power is a dominant segment, accounting for over 42.43% of the India Renewable Energy Market in 2024. The installed capacity is estimated at 79.07 GW by the end of 2025 and is projected to reach 195.11 GW within five years. Another report indicates a market size of USD 45 billion in 2024, anticipated to reach USD 1254 billion by 2033, with an impressive CAGR of 41.5% from 2024 to 2033.
  • Solar Rooftop Market: This specific segment of the solar market in India was valued at USD 2.37 billion in 2024 and is projected to reach USD 4.21 billion by 2033, demonstrating a CAGR of 6.30% during 2025–2033.
  • Solar PV Panels Market: The market size for solar PV panels in India was estimated at USD 7.31 billion in 2023 and is projected to grow at a CAGR of 9.4% from 2024 to 2030.
• Wind Power Market: The India wind power market reached a size of 49.8 GW in 2024 and is projected to expand to 127.9 GW by 2033, exhibiting a CAGR of 11.04% from 2025 to 2033. The onshore wind energy market alone was valued at USD 7.95 billion in 2023 and is expected to reach USD 93.11 billion by 2030, with a CAGR of 42.1% during the forecast period. India holds the fourth-highest wind installed capacity globally.
• Green Hydrogen and Energy Storage: ReNew Energy Global is actively involved in green hydrogen and energy storage solutions as part of its decarbonization offerings. While specific, separate market sizes for green hydrogen and energy storage in India were not explicitly provided in the search results in the same detail as solar and wind, these segments are integral to the broader, rapidly expanding renewable energy market in India. ReNew itself is investing in a 2 GWh battery storage system as part of a hybrid renewable energy project.

Here are 3-5 expected drivers of future revenue growth for ReNew Energy Global (RNW) over the next 2-3 years:

1. Expansion of Renewable Energy Capacity: ReNew Energy Global is strategically focused on significantly expanding its utility-scale wind and solar energy capacity. The company aims to achieve a total installed capacity of 18 GW by 2025, up from its current capacity, and has a substantial project pipeline. This expansion is a primary driver of revenue, secured through long-term power purchase agreements (PPAs) with utilities and other clients.
2. Growth in Solar Module and Cell Manufacturing: ReNew is bolstering its revenue through its vertically integrated solar manufacturing business. The company has operational capacity for 6.4 GW of modules and 2.5 GW of cells, and is actively constructing a new 4 GW solar cell manufacturing facility. This segment contributes significantly to adjusted EBITDA through both internal consumption and external sales.
3. Development and Deployment of Energy Storage Solutions: The company is investing in battery storage technologies to complement its renewable energy projects, enabling it to offer Round-The-Clock (RTC) power solutions. These energy storage solutions enhance the reliability and dispatchability of ReNew's power offerings, creating new revenue streams and increasing the value of its renewable assets.
4. Securing New Power Purchase Agreements (PPAs): ReNew's business model relies on generating revenue through long-term power purchase agreements with utilities, government entities, and corporate clients. The continuous signing of new PPAs, particularly for projects with higher returns, directly translates the company's expanding capacity into stable and predictable revenue streams. The company has signed PPAs for 3.7 GW of installed renewable energy capacity for projects expected to provide returns at the higher end of its targeted IRR range.
5. Entry into the Green Hydrogen Market: ReNew Energy Global has announced plans to venture into the green hydrogen market. This initiative positions the company to capitalize on the decarbonization efforts in industries such as steel and cement, representing a significant long-term growth opportunity and a new product offering that could contribute to future revenue.

Share Repurchases

• Between April 1, 2022, and June 30, 2022, ReNew Energy Global repurchased 3,991,773 shares for $31.02 million, completing an authorized buyback plan.
• The company did not undertake any share buybacks during fiscal year 2025.

Share Issuance

• ReNew might need to issue stock in Q4 FY24, FY25, and FY26 to secure additional liquidity required for its planned investments.
• As of July 2024, ReNew had expressed plans to deleverage its financials without issuing new shares.

Inbound Investments

• In May 2023, Gentari, a clean energy subsidiary of PETRONAS, acquired a 49% equity stake in ReNew's 403 MW Peak Power project.
• ReNew secured a $100 million investment from British International Investment (BII) in May 2025, with proceeds received in September 2025, to boost its solar manufacturing business in India.
• In November 2025, ReNew obtained $331 million in financing from the Asian Development Bank (ADB) for a large renewable energy project in Andhra Pradesh, as part of a $477 million package.

Capital Expenditures

• Capital expenditures totaled $1.43 billion in the first nine months of FY24 and $915 million in FY25, focusing on commissioning solar, wind, and battery storage projects.
• ReNew anticipates constructing 1.6 GW to 2.4 GW of projects by the end of fiscal year 2026.
• The primary focus of capital expenditures has shifted towards developing photovoltaic systems (solar projects), battery storage, and expanding solar module and cell manufacturing capabilities.