ReNew Power Announces Adding 700 MW; Portfolio Jumps to 12.8 GW

Jun 3, 2022 04:11 PM ET
  • ReNew Power has signed conclusive arrangements to acquire an operating wind as well as solar portfolio of regarding 528 MW.
  • Deals see the Company's gross overall portfolio jump over 25% to 12.8 GW from 10.2 GW at the beginning of 2022.
  • In April, the firm included close to 2 GW to its portfolio.

Renewably energy gamer ReNew Power has actually revealed that it has authorized definitive arrangements to obtain an operating wind as well as solar portfolio of concerning 528 MW. The eco-friendly power capacity consists of 471 MW of wind and 56 MW of solar assets.

ReNew Power has actually also signed a power acquisition contract (PPA) with Maharashtra's MSEDCL for a 200-MW solar project. Both offers see the Company's gross overall portfolio dive over 25% to 12.8 GW from 10.2 GW at the beginning of 2022.

The gotten 528 MW of operating wind and also solar projects are spread out throughout eight Indian states. ReNew Power held that the complete venture worth of these arrangements is around $388 million (Rs 3000 crores) and is expected to produce in the existing fiscal year EBITDA of regarding $51-55 million. The deal is expected to enclose the 2nd quarter of this financial year. The official declaration from the ReNew Power points out that the company will get all capital produced from the assets from the lock box date, which is April 1, 2022.

ReNew Power additionally informs that the arrangements have PPAs with state circulation companies in Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu, plus 25 MW of PPAs with business customers, as well as have a typical continuing to be life of 17 years2.

For the MSEDCL PPA, ReNew Power will provide electrical power at 2.43/ kWh for 25 years. The asset will certainly be based in the state of Rajasthan state and also supply power to Maharashtra. The project is expected to be commissioned by Q4 FY24.

Sumant Sinha, Chairman and also CEO, ReNew Power, claims, "The clean energy transition in India must occur at an increasingly rapid pace to fulfill-- and eco-friendly-- the expanding power needs of the nation, and also to reinforce its longer-term energy safety and security."

He even more includes, "Offered the recent power lacks as well as blackouts, clients are even more eager to sign brand-new power agreements to make sure future supply. ReNew Power will certainly go to the heart of this growth in clean energy that will certainly sustain India's important battle against climate adjustment."

In the just recently wrapped up World Economic Forum Annual Meeting in Davos, RenNew Power revealed that it has authorized an MoU with the Maharashtra federal government where it would certainly be spending $6 billion to create approximately 12,000 MW of power.

Solar Installers, Manufacturers