New Delhi, Mar 15 (IANS): Renewable energy company ReNew Power on Monday announced that it has been named to the World Economic Forum's (WEF) Global Lighthouse Network, which recognises companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth.
While announcing ReNew's appointment, the WEF specifically 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.
As announced on February 24, 2021, 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 deployment helped ReNew improve employee productivity by 31 per cent and reduce downtime for its assets by 31 per cent, without incurring any additional capital expenditure.
Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power said, "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."
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.
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 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."