Mitsui takes 49% stake in 1,300 MW round-the-clock renewable project in India

• Japanese conglomerate Mitsui & Co. has actually bought a 1,300 MW wind-plus-solar-plus-storage project development in India.

Mitsui's investment in the project by ReNew, an Indian renewable energy company, comes six months after the government-owned Solar Energy Corporation of India (SECI) authorized a round-the-clock (RTC) power purchase agreement (PPA) to obtain 400MW from its multiple sites.

The multi-state project will certainly have a total amount of 1,300 MW of renewable energy from 3 wind farms amounting to 900MW, solar PV amounting to 400MW and also a battery energy storage system (BESS) as much as 100MWh in capacity. It will certainly be spread out throughout Rajasthan, Karnataka, and also Maharashtra, all on the west side of the nation.

Restore is doing the EPC, O&M, and project monitoring for the project which will certainly start operating commercially in Q3 2023. The 25-year PPA with SECI was signed at 2.90/ kWh (3.8 United States cents), which will grow 3% a year for the first 15 years prior to remaining steady for the staying ten years of the PPA.

The project is expected to cost around US$ 1.2 billion as well as is designed to run at an 80% typical yearly plant load factor (PLF) with a minimum capacity exercise of 70% a month.

Mr. Sumant Sinha, Founder, Chairman as well as Chief Executive Officer of ReNew Power said: "The RTC project, the first of its kind in India, gives the lowest price and also emission-free 24 X 7 renewable electricity. We are proud to companion with Mitsui, a leading global corporation, to support India's green energy transition and eagerly anticipate reinforcing this partnership in the future."

Restore is one of the largest renewable energy Independent Power Producers (IPPs) in India and worldwide, it claims. It develops, builds, possesses, and operates utility-scale wind, solar as well as hydro energy projects and has a complete portfolio of 10.2 GW of renewable energy projects throughout India since February 2022.

It lately authorized a joint venture (JV) agreement with global system integrator Fluence to provide energy storage remedies in India.

The energy storage market is set to grow significantly in the coming years at both the upsteam as well as downstream levels. The Central Electricity Authority reckons it requires 28GW of energy storage to reach its 2030 decarbonisation objectives while the government just recently granted funds to projects developing battery manufacturing capacity amounting to 50GWh.