ReNew Power signs PPAs with Indian utilities and corporates for 2GW of solar PV
- Indian Independent power producer (IPP) ReNew Power has signed a variety of offtake agreements with both state utilities and corporates in India totalling roughly 2GW.
ReNew authorized four solar power acquisition agreements (PPAs) with state-owned Solar Energy Corporation of India (SECI) and also one with Punjab State Power Corporation Limited (PSPCL) amounting to 1.5 GW, as well as numerous lasting purchase agreements with corporate buyers for 500MW of solar PV.
The brand-new utility solar projects will certainly be located in the western state of Rajasthan, a solar hotspot in the nation, and have flat tariffs over 25 years.
Under the SECI Rajasthan system, ReNew will provide electricity at INR2.18/ kWh (US$ 2.9 c/kWh) from 2 PPAs of 600MW as well as 375MW.
The various other two PPAs with SECI for 300MW and also 100MW are under the SECI IX plan as well as have a tariff of INR2.37/ kWh (US$ 3.1 c/kWh).
ReNew recently gotten a beneficial interest in the 300MW (SECI IX) as well as 375MW (SECI Rajasthan IV) projects, based on the regards to the respective PPAs.
For the PSPCL PPA of 100MW, ReNew will supply electricity at INR2.33/ kWh (US$ 3.0 c/kWh). All the projects are expected to be commissioned by Q4 of 2023.
At the same time, US-based international tech significant Grasim Industries and Japanese NTT Communications subsidiary Netmagic have actually authorized long-lasting agreements with ReNew for the acquisition of clean power with energy tariffs ranging between INR3.06-- INR3.95/ kWh (US$ 4.0 c/kWh-- US$ 5.2 c/kWh), taking ReNew's overall corporate portfolio to over 900MW.
" The enhancement of ~ 1.9 GW conveniently over our threshold returns is a testimony to ReNew's competitive advantages," claimed ReNew chairman and chief executive officer, Mr Sumant Sinha. "We believe that our vertical integration, incorporated with our scale and also ability to offer customised intelligent energy options, enables us to win projects as well as supply returns in line with our targets."
ReNew saw its revenue leapt by 25.6% throughout the initial 9 months of the fiscal year 2022, although it still reported a bottom line because of its NASDAQ listing.
In January, it offered its rooftop solar portfolio as part of a strategy to increase its concentrate on utility-scale PV and also increased US$ 400 million through an environment-friendly bond sale that will certainly be used to support the firm's development method and also "refinance existing high-cost financial debt".
Extra recently, it has signed an agreement with Indian design titan Larsen & Toubro (L&T) to establish environment-friendly hydrogen facilities along with creating a joint venture with L&T as well as oil refiner IndianOil to establish green hydrogen projects in India.