ReNew Power signs PPAs for 2 GW

NASDAQ-listed ReNew Power has signed power purchase agreements for 1.5 GW of new utility-scale PV capacity in Rajasthan. It will also build around 0.5 GW of renewables for corporate customers.

May 2, 2022 Uma Gupta

Image: ReNew Power

Indian developer ReNew Power has signed agreements to supply close to 2 GW of renewable power, bringing its gross renewables portfolio to 12.1 GW, from 10.2 GW at the beginning of the current calendar year.

It has signed power purchase agreements (PPAs) with Solar Energy Corp. of India (SECI) and Punjab State Power Corp. Ltd. (PSPCL) for around 1.5 GW of utility-scale solar. Agreements have also been signed with multiple corporate buyers for the long-term supply of renewable energy. The new utility-solar projects will be located in the western state of Rajasthan and will supply power at flat tariffs over periods of 25 years.

“Two PPAs of 600 MW and 375 MW are under the SECI Rajasthan IV scheme, where ReNew will supply electricity at INR 2.18 ($0.029)/kWh. The other two PPAs with SECI for 300 MW and 100 MW are under the SECI IX scheme and have a tariff of INR 2.37/kWh. Under the PSPCL PPA of 100 MW, ReNew will supply electricity at INR 2.33/kWh. All the projects are expected to be commissioned by the fourth calendar quarter of 2023,” stated the company.

Long-term corporate PPAs for 491 MW have been signed at tariffs ranging between INR 3.06/kWh to INR 3.95/kWh. The buyers include a large US-based global technology major, Grasim Industries (part of India’s Aditya Birla Group), and Netmagic (a subsidiary of Japan’s NTT Communications).

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