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ReNew Targets U.S. Solar Module Market Amid Southeast Asia Tariffs, Expands Storage and Manufacturing Plans

ReNew Energy is positioning itself to capitalize on new U.S. tariff barriers imposed on solar module imports from Southeast Asia, opening potential export opportunities for Indian manufacturers. Sanjay Varghese, Group President at ReNew, said the company is actively exploring the U.S. market, given tighter restrictions on Chinese imports and favorable trade conditions for Indian exports.

The company recently secured Rs870 crore in funding from British International Investment to boost its solar manufacturing capacity in India. Following this expansion, ReNew will have a combined manufacturing capacity of 6.4 GW each for solar modules and solar cells.

ReNew is also focusing on energy storage, including both pumped hydro and battery-based systems, to complement its growing renewable energy portfolio. With 11.5 GW of commissioned capacity and another 13–14 GW under development, the company plans to complete most of the pipeline in the next 3–5 years.

Founder and CEO Sumant Sinha noted that ReNew remains open to asset sales to fund future expansion. Last December, it sold a 300 MW project in Rajasthan for $176 million to Anzen Energy Yield Plus Trust, and may consider similar deals depending on market opportunities.