GURGAON, India -- After five years in the clean energy sector, India's ReNew Power Ventures is now taking the government's lead and turning its focus to solar power. Backed by Goldman Sachs, the company is hoping to double its business in the next year, boosted by growth in the highly competitive industry.
Sumant Sinha, chairman and chief executive of ReNew, has built one of the largest renewable energy companies in India, focusing on harnessing wind energy. The government has now set a target of 175 gigawatts of renewable energy, or 15% of total capacity, by 2022. Of that, 100GW is expected to come from solar power, 65GW from wind and the rest from biomass and hydro.
