Is that an intercooler in your sidepod or are you just happy to see me?
The new engine is a 1.6 turbo v6 with direct injection and the new dual system Energy Recovery System mandated by the 2014 FIA engine regulations. This evolution of the current KERS will produce 160 hp, twice as much power as the current engine assist. The system is now divided between ERS- Kinetic ( similar in function to the current KERS ) and ERS-Heat which recovers energy via the exhaust.
For more details on the 2014 ERS read THIS.
The official name is Renault Energy-F1 and is expected to produce about the same power as today's 2.4 liter engines. New regulations are aimed at fuel economy, limiting rpm to 15000 and while leaving teams free to use any amount of turbo boost they choose, cuts flue flow by 40% over current spec engines. Cars will also be allowed to carry only 100 kg of fuel per race, verses the current 160kg.