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Introduction: India is the world's third largest emitter of greenhouse gasses and recently committed to reducing these gasses at the UN meeting on Friday Sept 24,. Founded in 2011, ReNew Power Global ($RNW) is India's largest renewable energy company by operational capacity and owns 10 percent of India's renewable energy market. $RNW completed their merger and acquisition, making history as India's largest spac deal and their first since 2016. $RNW started trading on the NASDAQ on August 24, 2021.
What does RNW do: ReNew Power develops, builds, owns, and operates utility-scale wind, energy and firm power projects, along with distributed solar energy projects. $RNW is "India’s leading renewable energy independent power producer (IPP) by capacity and is the 10th largest global renewable IPP by operational capacity" along with a strong record of company growth. 1
"So what, India likes to use coal" Last week at the first leader-level meeting on energy under the UN General Assembly in 40 years, India officially made commitments to increase renewable energy. India's announcements were among new multi-billion-dollar decisions made on Friday, Sept. 24 by countries to increase renewables and access to electricity. Also, India announced to begin a "Production Linked Incentive Scheme to add 10 GW solar PV manufacturing capacity" 2
This is where $RNW comes into play India's leading renewable energy company, ReNew Power, recently released their sustainability report for fiscal year 2020-2021 which announced that it helped India avoid 10 million metric tons of carbon emissions. As of August 31, 2021, ReNew Power had a total capacity of approximately 10.2 GW of wind and solar energy projects across India, exactly what the Indian government is looking for. The report highlights environment, society and governance achievements. CEO Sumant Sinha states that the company has a "vision of leading India's energy transition from fossil fuels to clean energy" 3
"Beyond generation of clean power, ReNew Power has also developed expertise in energy storage. In 2020, ReNew Power won two unique tenders to ensure firm, reliable, and affordable supplies of green power. This included India’s first tender for round-the-clock power supply from renewables, and a tender for a renewable energy project to address peak power demand by combining wind-solar hybrid generation with battery storage." 4
Institutional Investors: The company is backed by Goldman Sachs, Canada Pension Plan Investments and Abu Dhabi Investment Authority, among others. $RNW has had five different general statements of acquisition of beneficial ownerships, also known as 13-D forms, filed so far in the month of September. A 13-D is essentially a form that must be filed with the SEC when a person or group acquires more than 5% of any class of a company's shares. The latest form was filed on Thursday, Sept 23. 5
What analysts say: Buy:2 Hold:0 Sell:0
$RNW has traded in a channel between $9.50-$10.00. Last week it broke the $10.00 resistance and has made new highs. It is also a recent despac transaction that has flown under the radar during the recent craze. Currently it has a 164.13% borrow rate with only 500 shares available to short. 6
TL:DR - $RNW has had several institutional investors this month. This past Friday at the UN meeting, India officially committed themselves to reducing their greenhouse gasses and $RNW is the number one leading renewable energy company in India, tenth largest globally.