ETN Buzz

ReNew Power has announced that it has been named to the World Economic Forum’s (WEF) Global Lighthouse Network, which identifies companies using new technologies to accomplish environmentally sustainable, community supportive, profitable growth.

In declaring ReNew’s appointment, 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, as factors in its appointment.

ReNew Power and Tata Steel are the only two Indian companies to be acknowledged by the Global Lighthouse Network this year.

On February 24, 2021, the company has arrived at a 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.

The company’s Hubli facility was specifically nominated as a Global Lighthouse for its groundbreaking work in the development and deployment of advanced analytics and machine learning solutions to increase the yield of its wind and solar assets. The technology deployment helped the company in improving employee productivity by 31 percent and reduce downtime for its assets by 31 percent, without sustaining any additional capital expenditure.

Speaking about the accomplishment, Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power said that, “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 that 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.

Speaking about the Global Lighthouse Network, Enno de Boer, Partner, McKinsey & Company and Global Lead of its manufacturing work remarked, “The 69 Lighthouse manufacturers open a window into the future of operations. Though no industry is immune from digital transformation, four sectors are resetting benchmarks - Advanced Industries, Consumer Packaged Goods, Pharmaceutical and Medical Products, and Heavy Industries. We are seeing a paradigm shift emerge, from reducing the cost to more focus on enabling growth and environmental sustainability. The Lighthouses are proving that unlocking smart capacity through digital technologies is more effective than spending on capital infrastructure.”

Speaking about the Lighthouse program, Francisco Betti, Head of Shaping the Advanced Manufacturing and Production, World Economic Forum said, “This is a time of unparalleled industry transformation. 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.”