Renew Power moves into WEF Global Lighthouse Network

On Monday Renewable energy firm, ReNew Power states, it has become a part of the World Economic Forum's Global Lighthouse Network.

Company states, "ReNew Power has been named to the World Economic Forum's (WEF) Global Lighthouse Network, which recognises companies using new technologies to achieve environmentally sustainable, community supportive and profitable growth."

The WEF precisely noted the company's recent investments in Digital Analytics and Machine Learning to increase the power yield and decrease the downtime of its solar and wind generation assets. According to the statement, ReNew Power is one of the two Indian companies to be recognised by the Global Lighthouse Network this year.

ReNew's Hubli facility was specially nominated as a Global Lighthouse for its ground-breaking work in development and deployment of advanced analytics and Machine Learning (ML) solutions to increase the yield of ReNew's wind and solar assets.

The technology distribution helped ReNew to improve employee productivity by 31 percent and reduce downtime for its assets by 31per cent, without procuring any additional capital expenditure.

Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power, states, "We are delighted to be named a Global Lighthouse company by the World Economic Forum. The recognition is a testament to our transformation efforts as we embark on our journey to become a data driven, clean energy enterprise supporting India's clean energy transition. As we gain scale, we will embrace technology even further, in a manner that helps us respond better to disruptions, prepare for shifts in supply-demand balance, and prioritize workforce development."

The WEF Global Lighthouse Network is a group of 69 factories which serve as a platform to develop, replicate, and scale innovations, creating opportunities for cross-company learning and collaboration while setting new benchmarks for the global manufacturing community.

Francisco Betti, Head of Shaping the Advanced Manufacturing and Production at the WEF, states, "The future belongs to those companies willing to embrace disruption and capture new opportunities. Today's disruptions, despite their challenges, are a powerful invitation to re-envision growth. The lighthouses are illuminating the future of manufacturing and the future of the industry.”

Last month, ReNew Power entered into definitive agreement for a business combination with RMG Acquisition Corporation II, a publicly-traded special purpose acquisition company. This would result in ReNew becoming a publicly-listed company.