ReNew Power signs PPA for 400 MW power supply

10 Aug 2021 CW Team

This electricity will be provided to the New Delhi Municipal Corporation (NDMC), Dadra and Nagar Haveli, Daman and Diu, and will require 900 MW of wind energy and 400 MW of solar energy, as well as a battery storage system. This wind and solar capacity will be located in the states of Karnataka, Maharashtra, and Rajasthan.

This comes as ReNew Power prepares to merge with RMG Acquisition Corp, a Nasdaq-listed special purpose acquisition company (SPAC). RMG II is a company with an estimated market value of $8 billion.

In a related development, RMG II shareholders will vote on the proposed merger on August 16. ReNew Energy Global Plc, with an equity value of $4.4 billion, will be listed on the Nasdaq under the ticker symbol RNW.

Private investment in public equity (PIPE) deal worth $855 million is included in the $1.2 billion equity proceeds from the ReNew Power merger with RMG II.

BNP Paribas Energy Transition Fund, TT International Asset Management Ltd, TT Environmental Solutions Fund, Chamath Palihapitiya, Sylebra Capital and Zimmer Partners are among the PIPE investors.

As of December 31, last year, ReNew Power-operated 6.24 gigawatts (GW) of solar and wind power, with a total capacity of about 10 GW. It bought 1.1 GW of wind and solar power assets from Ostro Energy in 2018, making it one of the largest renewable energy acquisitions in India.

ReNew Power was one of the first companies to enter India's green economy. Goldman Sachs, Japan's JERA Co. and Canada Pension Plan Investment Board are among ReNew Power's current shareholders. Inc., the Abu Dhabi Investment Authority, the GEF SACEF India, and Sumant Sinha, chairman and managing director.

India is implementing the world's largest clean energy programme, with a goal of generating 175 GW of renewable energy capacity. According to the Central Electricity Authority, the country's power demand by 2030 will be 817 GW, with clean energy accounting for more than half of that.

Image Source

Also read: Tata Power to set up 3-circuit transmission tower at Mumbai metro site

Also read: Amazon, TotalEnergies inks PPA for supplying 474 MW renewable energy

ReNew Power is set to invest $1.2 billion to supply 400 megawatts (MW) of power and has signed a long-awaited power purchase agreement (PPA) with the state-run Solar Energy Corporation of India (SECI). This electricity will be provided to the New Delhi Municipal Corporation (NDMC), Dadra and Nagar Haveli, Daman and Diu, and will require 900 MW of wind energy and 400 MW of solar energy, as well as a battery storage system. This wind and solar capacity will be located in the states of Karnataka, Maharashtra, and Rajasthan. This comes as ReNew Power prepares to merge with RMG Acquisition Corp, a Nasdaq-listed special purpose acquisition company (SPAC). RMG II is a company with an estimated market value of $8 billion. In a related development, RMG II shareholders will vote on the proposed merger on August 16. ReNew Energy Global Plc, with an equity value of $4.4 billion, will be listed on the Nasdaq under the ticker symbol RNW. Private investment in public equity (PIPE) deal worth $855 million is included in the $1.2 billion equity proceeds from the ReNew Power merger with RMG II. BNP Paribas Energy Transition Fund, TT International Asset Management Ltd, TT Environmental Solutions Fund, Chamath Palihapitiya, Sylebra Capital and Zimmer Partners are among the PIPE investors. As of December 31, last year, ReNew Power-operated 6.24 gigawatts (GW) of solar and wind power, with a total capacity of about 10 GW. It bought 1.1 GW of wind and solar power assets from Ostro Energy in 2018, making it one of the largest renewable energy acquisitions in India. ReNew Power was one of the first companies to enter India's green economy. Goldman Sachs, Japan's JERA Co. and Canada Pension Plan Investment Board are among ReNew Power's current shareholders. Inc., the Abu Dhabi Investment Authority, the GEF SACEF India, and Sumant Sinha, chairman and managing director. India is implementing the world's largest clean energy programme, with a goal of generating 175 GW of renewable energy capacity. According to the Central Electricity Authority, the country's power demand by 2030 will be 817 GW, with clean energy accounting for more than half of that. Image Source Also read: Tata Power to set up 3-circuit transmission tower at Mumbai metro site Also read: Amazon, TotalEnergies inks PPA for supplying 474 MW renewable energy

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..

Infrastructure Energy

04 Jun 2026

Government to Launch Coal Gasification Urea Policy

The government will unveil a coal gasification based policy for urea production within one month, aiming to promote the use of domestic coal feedstock in synthetic fertiliser manufacture. The move seeks to enhance self reliance in fertiliser supply and to provide an alternative route to natural gas based synthesis. Officials said the policy will set out technical standards, permitting norms and incentives for projects that adopt coal gasification technology. It will aim to attract investments from both public sector undertakings and private manufacturers. The scheme will address logistical and..