ReNew is the largest independent power producer of renewable energy in India. ReNew develops, builds, and operates utility-scale wind and solar projects, selling electricity primarily to central and state government agencies and private commercial and industrial customers. ReNew operates under a business model centered on long-term power purchase agreements that lock in fixed tariffs, providing predictable and recurring revenue. ReNew's portfolio includes utility-scale solar, wind, and firm power projects that combine renewable sources with battery storage to provide dispatchable energy. ReNew also operates a solar manufacturing segment, producing modules and cells for internal use and third-party sales. Capacity expansion and a strategy of recycling capital through asset sales drive growth by funding new projects and reducing debt. ReNew is shifting its future portfolio toward solar and battery storage systems to improve execution timelines and cash flow predictability. ReNew performs engineering, procurement, construction, and maintenance in-house to manage costs and execution risks. ReNew competes in government auctions by bidding on tariffs and differentiates itself through its scale, vertical integration in manufacturing, and ability to provide scheduled power.