ReNew Energy Global Plc announced a 150‑MW solar project in Rajasthan, India, in partnership with Alphabet’s Google. The agreement gives Google a guaranteed source of clean electricity and provides ReNew with a long‑term procurement contract that will support financing and grid integration for the project.
The 150‑MW plant is slated for commissioning in 2026 and is expected to generate roughly 425,000 MWh of clean power annually, enough to supply more than 360,000 Indian households. The deal expands ReNew’s commercial‑industrial portfolio to 2.7 GW, reinforcing its position as a leading provider of corporate clean‑energy solutions in India and adding to its total portfolio of about 18.5 GW.
For ReNew, the contract strengthens its revenue pipeline and market credibility by securing a bankable project that can be leveraged for future financing. For Google, the deal delivers a reliable source of renewable electricity and helps the company address challenging portions of its value‑chain emissions, supporting its broader sustainability commitments.
ReNew reported over 50% revenue growth in the first half of FY2025 and a 24% year‑on‑year rise in adjusted EBITDA, driven by strong demand for corporate power purchase agreements. Gross profit margins remain high at 83.36%. However, analysts have highlighted concerns about the company’s debt levels and overall financial strength, which could temper enthusiasm for the deal.
While the announcement was welcomed by stakeholders, market sentiment was muted due to broader concerns about ReNew’s debt profile and demand for renewable projects. Analysts noted that operational challenges such as monsoon‑related delays and transmission connectivity could impact future project timelines.
Vaishali Nigam Sinha, Co‑founder & Chairperson of Sustainability at ReNew, said the partnership “sets a powerful precedent for credible, high‑impact climate action.” Vrushali Gaud, Global Director of Climate Operations at Google, added that the deal “helps address challenging portions of our value‑chain emissions and supports India’s clean‑energy journey.”
The deal aligns with India’s target of 500 GW of non‑fossil fuel capacity by 2030 and positions ReNew to capture additional corporate demand. The company’s manufacturing capabilities—6.4 GW of solar module and 2.5 GW of solar cell capacity—provide a strategic advantage in scaling new projects.
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