Renewable energy firm ReNew has announced an ambitious ₹80,000–100,000 crore investment plan for Gujarat to expand into data centers and green hydrogen. The move aligns with the state’s new policy goals. Investors are tracking the company's expansion strategy alongside an ongoing take-private process.
Renewable energy major ReNew has unveiled a substantial investment plan for Gujarat, committing ₹80,000 to ₹100,000 crore to expand its footprint in the state. This capital will be deployed over the coming years, building upon an existing investment of approximately ₹20,000 crore. The announcement underscores the company's intent to move beyond traditional renewable power generation into emerging sectors such as green hydrogen production, pumped hydro storage, and hyperscale data centers.
This expansion aligns with the 'Viksit Gujarat Data Center Policy 2026-29,' which seeks to position the state as a hub for Green AI data centers, with an overall target of 7.5 GW of capacity. By leveraging its established infrastructure and manufacturing presence in the Dholera Special Investment Region, ReNew aims to integrate its clean energy expertise with the energy-intensive data center industry.
ReNew’s manufacturing capabilities remain a critical part of this growth strategy. The company currently operates with roughly 2.5 GW of solar module manufacturing capacity and 6 GW of solar cell manufacturing capacity. Expanding these facilities is expected to support both internal project requirements and the broader needs of India’s growing renewable energy sector.
Financially, ReNew recently reported a robust start to the fiscal year. For the first quarter ended June 30, 2026, the company posted revenue of ₹44.6 billion, marking a 14% year-on-year increase. Profit after tax stood at ₹6.0 billion, a 16% growth compared to the same period last year, reflecting ongoing operational scale-up.
Investors are currently monitoring several factors that could influence the company’s future. Chief among these is the ongoing take-private transaction, which involves a $7.02 per share buyout offer. As of late August 2026, ReNew shares (NASDAQ: RNW) were trading around $6.81, reflecting market sentiment regarding the potential delisting. The outcome of this process remains a significant point of interest for shareholders.
From a business perspective, while the pivot into green hydrogen and data centers offers a clear path for diversification, it also introduces specific execution risks. The success of these projects will depend heavily on the availability of grid infrastructure, potential power curtailment challenges, and the effective implementation of government policy incentives. Additionally, as a renewable energy player, ReNew’s operational performance remains sensitive to weather-dependent power yields, though its diversification into manufacturing provides some hedge against volatility.
The next steps for investors will be to track the specific timeline for the capital allocation in Gujarat and the progress of the company's take-private transaction. Any further updates from management regarding project commissioning or regulatory approvals for the new business segments will be important for assessing the long-term impact of this capital commitment.