ReNew Power has been named to the World Economic Forum’s Global Lighthouse Network, which recognises companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth.
The WEF 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, as factors in its appointment.
ReNew is one of only two Indian companies to be recognised by the Global Lighthouse Network this year.
Last month, ReNew has entered into definitive agreement for a business combination with RMG Acquisition Corporation II, a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
ReNew’s Hubli facility was specifically nominated as a Global Lighthouse for its work in development and deployment of advanced analytics and machine learning solutions to increase the yield of ReNew’s wind and solar assets. The technology helped ReNew improved employee productivity and reduced downtime for its assets by 31 per cent each without incurring any additional capital expenditure.
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.