Renew Power is targeting to invest around Rs 44,000 crore by the end of FY26 to add up to nine GW of capacity. The company seeks to utilise this capital in wind and solar projects, which would be at the rate of about Rs 5.5 crore per MW.

Of these nine GW, Renew has signed power purchase agreements (PPAs) for 5.5 GW of projects, which will be commissioned by the end of FY25. For the remaining 3.5 GW, the company has won bids, but PPAs are yet to be signed. Apart from these, Renew is also looking to make inroads into the green hydrogen space for which it has already formed a joint venture (JV) with Indian Oil Corporation (IOCL) and L&T.

Further, it takes around Rs four crore per MW to install solar capacity and over Rs seven crore for wind, and assuming a mix of 40:60 between the two, the average cost per MW of new capacity is estimated to cost over Rs five crore per MW.

Till date, the company has an installed capacity of 9.5 GW.