(Bloomberg) --
ReNew Energy Global Plc will pause its overseas investment plans to focus on the fast-growing Indian market as it seeks to double its renewables capacity.
“We don't need to go anywhere,” Chief Executive Officer Sumant Sinha said Thursday in a Bloomberg Television interview with Haslinda Amin. “At this time, our focus is entirely on India.”
ReNew's plan to concentrate on the domestic market echoes rival Adani Green Energy Ltd.'s strategy to funnel much of its resources into India. The companies are betting on what Sinha reckons is a $500 billion investment opportunity, as the south Asian economy seeks to nearly triple its clean power capacity by 2030.
ReNew, backed by investors including Canada Pension Plan Investment Board, Abu Dhabi Investment Authority and Jera Co., signed a preliminary accord in 2022 to invest $8 billion in a green hydrogen project in Egypt. It later said it was looking for offtake deals for that project and was exploring other regions such as Oman, Saudi Arabia and Morocco to set up green hydrogen and green methanol plants. Sinha didn't provide updates on those plans on Thursday.
The company hopes to have almost 10 gigawatts of installed renewables capacity by March and has a similar amount that it plans to construct over the next four to five years, he said. ReNew's projects include solar, wind and battery storage, according to its website.
--With assistance from Haslinda Amin and Anand Menon.
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