CASE STUDY 9 ReNew – Accessing diversified capital to drive India’s energy transition SMART CAPITAL ReNew has grown into one of India’s leading independent renewable power producers with a diversified pipeline of more than 28 GW across wind, solar, storage and emerging green fuels. In addition, ReNew provides end- to-end solutions in a just and inclusive manner in the areas of clean energy and value-added energy offerings through digitalization, storage and carbon markets that are increasingly integral to addressing climate change. Operating in a capital-intensive sector, ReNew has had to consistently raise capital to sustain high growth rates. Financing has therefore been central to its strategy, not just as a source of funds but as a competitive differentiator in scaling-up quickly and cost-effectively. ReNew has relied on a diversified set of financing sources to fund rapid expansion. It has freed up balance sheet capacity for new builds by selling stakes in operational projects to long-term investors such as pension and sovereign wealth funds. The company has partnered with global investors including Goldman Sachs, Abu Dhabi Investment Authority, CPP Investments and JERA, building a stable equity base and credibility in international markets. In addition, ReNew has attracted concessional financing from institutions such as British International Investment – the UK’s development finance institution (DFI) – and other DFIs, lowering the cost of capital and enabling investment in emerging technologies. With this diversified financing approach, ReNew has achieved compound annual growth rates of 18-20%. Every 5 MW of capacity effectively financed an additional 1 MW the following year. Today, ReNew has transitioned to a more balanced model, where internal cash flows and selective divestments fund 2.5-3 GW of new capacity each year, sustaining growth while strengthening profitability. Sources: Executive leadership interview with ReNew.Unlock smart capital and diversified financing Naturally, scaling-up new businesses requires substantial investment. Green projects can require massive upfront capital expenditure and may come with higher risk than traditional company initiatives, making access to financing a key challenge for leadership. Successful companies try to overcome this by leveraging an array of potential investment sources – ranging from traditional finance to blended public subsidies and support schemes, green investment funds, development banks, foundations and more. Many leading companies have leveraged a combination of these sources to bring down their cost of capital. One way to help unlock this is to lead in tracking results that demonstrate value to investors, using traditional financial metrics such as ROI and industry-specific KPIs. Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy 37

Already a Multi-Trillion-Dollar Market 2025