ReNew Energy Global is one of India's largest independent power producers, focused on utility-scale renewable energy. ReNew develops, builds, owns, and operates wind and solar power plants across India, selling electricity under long-term power purchase agreements (PPAs) to government utilities and commercial and industrial customers. As of May 2025, ReNew had 11.2 GW of commissioned capacity and a total contracted portfolio of 18.5 GW. ReNew wins projects through government auctions by bidding the lowest tariff, then locking in that fixed tariff for a 25-year PPA term. The core IPP business carries high EBITDA margins because operating costs are modest once a plant is built. ReNew's portfolio spans utility-scale wind, utility-scale solar, corporate wind and solar sold directly to private customers, and firm power projects that combine wind, solar, and battery storage to deliver grid-controllable power at higher tariffs. Beyond power generation, ReNew operates a solar manufacturing business with 6.4 GW of module capacity and 2.5 GW of cell capacity, which both secures its own supply chain and generates external revenue. ReNew supplements equity returns through capital recycling — selling operational assets or minority stakes to infrastructure investors at roughly 2x book value, then redeploying proceeds into new greenfield projects. Projects are typically 70-75% debt financed, and ReNew routinely refinances operational assets to free up cash. ReNew argues it is differentiated by its fully integrated model, covering in-house development, EPC, O&M, manufacturing, and digital monitoring.