Flow Builder and Process Builder are two automation tools that should be used to accomplish this request.
Flow Builder can be used to create a flow that defines the logic and actions for creating a renewal opportunity, such as setting the stage, close date, and amount. Process Builder can be used to create a process that triggers the flow when an opportunity is closed won. References: https://help.salesforce.com/s/articleView?id=sf.
flow_builder.htm&type=5https://help.salesforce.com/s/articleView?id=sf.process_overview.htm&type=5