Google, ReNew Seal 150-MW Rajasthan Solar Deal

• Google taps ReNew for a 150‑MW Rajasthan solar plant, delivering power from 2026 to fuel India data centers and its 24/7 carbon‑free push, accelerating PPA-led clean energy growth.

Google signed a long-term power deal with ReNew to develop a 150‑MW solar project in Rajasthan, slated to deliver first power in 2026. The plant is expected to produce about 425,000 MWh annually, supporting Google’s 24/7 carbon‑free electricity target by 2030 as data‑center demand climbs across India.

The pact underscores how corporate offtakers are steering India’s next utility‑scale solar wave, with PPAs easing financing and speeding builds. It aligns with India’s 500‑GW non‑fossil goal by decade’s end and Rajasthan’s grid transmission push. For ReNew, it deepens a wind‑solar‑storage portfolio; for Google, it strengthens procurement that could later pair with storage.

What does Google–ReNew 150 MW PPA mean for Rajasthan grid, financing, and 24/7 CFE?

Rajasthan grid and system operations
- Adds mid‑day solar in an already RE‑heavy state, deepening the “duck curve” and raising the need for flexible thermal dispatch, demand response, and ancillary services.
- If connected to the interstate network, likely injects power near existing RE hubs (e.g., Bhadla), leveraging built evacuation but still stressing corridors that see congestion in high‑irradiance seasons.
- Curtailment risk during shoulder months increases; firm scheduling, improved forecasting, and participation in real‑time markets become more critical.
- If power is wheeled out of state to Google loads, Rajasthan DISCOMs see limited offtake benefit but still host variability; regulators may revisit wheeling, banking, and cross‑subsidy surcharges to manage revenue impacts.
- ISTS waiver windows have tightened; a 2026 start likely faces full transmission charges, influencing dispatch costs and siting choices.

Financing and bankability
- Long‑tenor corporate PPA with a high‑credit counterparty materially de‑risks cash flows, enabling cheaper project finance, ECBs, or sustainability‑linked loans.
- Facilitates green bond issuance or later refinancing/securitization (including InvITs), lowering WACC for ReNew’s broader portfolio.
- Price certainty helps navigate module BCD/ALMM compliance, INR depreciation, and capex volatility; currency hedging can be structured against a stable offtake.
- Use of a mature solar park or pre‑built evacuation can shrink construction risk premiums and EPC contingencies.
- Potential lack of ISTS charge waivers in 2026 commissioning will be priced into tariffs; however, corporate PPA visibility can still beat merchant or state‑DISCOM risk.

24/7 carbon‑free electricity (CFE) implications
- 150 MW solar (~425 GWh/yr) improves annual CFE but leaves hourly gaps; achieving 24/7 will require complementary wind, storage, and diversified geography.
- Pairing with BESS (2–4 hours) can cover evening ramps; longer duration (pumped hydro or hybrid wind‑solar‑storage) is needed for monsoon and multi‑day lulls.
- Granular (hourly) energy attribute tracking is needed; today’s annual RECs don’t prove hour‑by‑hour matching, so pilots with hourly certificates or contractual hourly SLAs are likely.
- Participation in green day‑ahead/real‑time markets can “top‑up” hourly deficits; smart load shifting at data centers can raise the CFE score.
- The deal signals a pathway: anchor solar PPA now, layer wind and storage contracts next, and use portfolio optimization to approach true 24/7 by 2030.