ReNew signs 2.2 GW of clean energy deals
- Combined, these deals will involve the development of 1,500 MW of solar and 688 MW of wind projects, expected to be commissioned over the next 24 months.
Nasdaq-listed ReNew Energy Global Plc. has signed five deals to sell 2.2 GW of renewable energy capacity to state-owned entities, significantly expanding its fully contracted renewable energy portfolio.
Of these deals, three solar power purchase agreements (PPAs) totalling 800 MW were signed with NTPC Ltd, Damodar Valley Corp (DVC), and Solar Energy Corp of India Ltd. (SECI) at a weighted average tariff of ₹2.59 per kWh.
ReNew also signed a 1 GW firm and dispatchable renewable energy deal with SJVN Ltd. (SJVN) at a tariff of ₹4.39 per kWh.
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“These PPAs signed with central government utilities further strengthen our counterparty profile,” the company said in a statement on Thursday. It has added a 438 MW power purchase agreement to its commercial and industrial portfolio.
Sumant Sinha, founder, chairman, and chief executive of ReNew, said that the transactions reflect the company’s “unwavering commitment to India's renewable energy goals” and bolster its position as a leading green energy provider.
“These agreements with a strong counterparty profile will not only contribute to a cleaner future but also deliver long-term financial benefits for ReNew and its shareholders," the company quoted Sinha in the statement.
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The company noted that these agreements provide visibility and predictability of significant future growth. Combined, these deals will involve the development of 1,500 MW of solar and 688 MW of wind projects, expected to be commissioned over the next 24 months.
ReNew’s overall portfolio now stands at 15.6 GW, consolidating its position as a major player in India's green energy transition. The company has also received letters of award for an additional 5.8 GW of renewable energy capacity, beyond its current pipeline.
This expansion comes as India aims to achieve 500 GW of non-fossil fuel energy capacity and reduce projected carbon emissions by 1 billion tonnes by 2030, the statement added.
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First Published:10 May 2024, 02:15 PM IST
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