ReNew Power to Provide Free Covid-19 Vaccination to Employees and Families

Clean energy company ReNew Power has decided to provide free COVID-19 vaccination to its 1,500 employees and their families.

Assuming a family of five, background envelope calculations indicate that ReNew Power would provide immunization to around 7,500 people at its 110 sites in India.

ReNew Power chairman and chief executive Sumant Sinha told PTI that the company will cover the entire cost of vaccinating its employees and their dependents.

He said ReNew has around 1,500 employees, the majority of whom work at its 110 locations across the country.

In an email to employees, Sinha said, “We want to make sure all of our employees work in safe conditions, and getting vaccinated is a critical safety measure in this regard.”

Earlier in February, ReNew Power entered into a merger agreement with RMG Acquisition Corp II, a blank check company or special purpose acquisition company (SPAC), for its Nasdaq listing.

Regarding the company’s overseas listing, he said: “Global markets are deep and there is a lot of interest in investing on the ESG (environment, social and governance) theme. overseas, we also have access to new funds from those investors. who otherwise would not have been able to invest in an Indian listing. “

He added: “For us it was quite simple, as a company we had thought of being listed in a market where the capital reserve is deep.”

Sinha added that, therefore, when evaluating overseas registration, the company found that the PSPC phenomenon has become quite common, and upon examination, it was found to provide a way for follow viable enough to do the listing. “It seemed just as believable and as straightforward as a straightforward listing so we took that route.”

He also said the company will earn approximately $ 610 million in net primary proceeds out of the total $ 1.2 billion we will earn from this transaction. “A significant portion will be used for future growth. A portion will also be used for debt reduction.”

On long-term power purchase agreements (PPAs), he said the company has signed 25-year PPAs for all projects.

“At the first level, it reassures you that your income is contracted. Over time, as we sign more PPAs with SECI (Solar Energy Corporaton of India) or other PSUs, this will also improve the payout profile at an aggregate level, ”Sinha added.

Sinha also said that India’s energy market is currently the third largest in the world and growing rapidly. “The demand for electricity in all respects will double in 10 years and as part of that demand there is also a big shift happening in the country towards renewables. Today, renewables are the cheapest source of electricity in India and, therefore, the best positioned to grow exponentially. “

He said the company envisions growth of 5 to 6 times the installed capacity of renewables and that ReNew, the market leader with a 10% market share, is well positioned to benefit from the growing demand. “The opportunity in India is great and exciting and our short term goal is to take advantage of the opportunities here.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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