+
ReNew Power signs PPA for 400 MW power supply
POWER & RENEWABLE ENERGY

ReNew Power signs PPA for 400 MW power supply

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

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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

Next Story
Infrastructure Transport

AXISCADES Secures USD 1.2 Mn Orders in Aircraft Interiors

AXISCADES Technologies Ltd, a leading technology solutions company serving the aerospace and defence sectors, has announced two significant pilot orders worth USD 1.2 million in the aircraft cabin interiors segment. The orders have been awarded by a global aerospace original equipment manufacturer (OEM) and a renowned aircraft cabin interior company headquartered in Europe and the USA.These contracts mark AXISCADES’ strategic expansion into the design, development, and retrofit of aircraft interiors, a high-growth area driven by increasing demand for cabin modernisation and enhanced passenge..

Next Story
Infrastructure Urban

Fortis Leases 200-Bed Hospital in Greater Noida

Fortis Healthcare Ltd has announced that its wholly owned subsidiary, International Hospital Ltd (IHL), has entered into a 15-year lease agreement with RR Lifesciences Ltd for a 200-bed operational multi-specialty hospital in Greater Noida. Previously managed by Fortis under an operations and management (O&M) arrangement since October 2022, the facility will now function as Fortis Hospital Greater Noida under the company’s direct operational and financial control.The hospital, located on a 1.35-acre UPSIDA-leased land parcel with a built-up area of 270,000 sq. ft., has scope for expandin..

Next Story
Infrastructure Urban

Syrma SGS, Elemaster Launch JV for Rail, Medtech Electronics

Syrma SGS Technology Ltd, a prominent Indian electronics systems design and manufacturing company, has entered into a joint venture with Italy-based Elemaster S.p.A Tecnologie Elettroniche, a global leader in electronics design and manufacturing. The JV will operate under Syrma SGS Design and Manufacturing Pvt Ltd, soon to be renamed Syrma SGS Elemaster Pvt Ltd.This strategic partnership aims to establish a dedicated India-focused platform serving high-reliability sectors such as railways, industrial electronics, and medical technology. The initial manufacturing unit will be located in Bommasa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?