ReNew signs 5 PPAs; expands portfolio to 15.6 GW

14 May 2024 CW Team

ReNew, a prominent renewable energy company in India, has announced the signing of five Power Purchase Agreements (PPAs) totalling around 2.2 GW of renewable energy capacity. This move expands its fully contracted renewable energy portfolio to 15.6 GW. Additionally, ReNew has received Letters of Award for an additional 5.8 GW of renewable energy capacity.

Among these agreements, three solar PPAs totaling 800 MW were signed with NTPC Limited, Damodar Valley Corporation, and Solar Energy Corporation of India Limited, at a weighted average tariff of Rs 2.59 per kWh. Furthermore, a 1 GW Firm and Dispatchable Renewable Energy (FDRE) PPA was inked with SJVN Limited at a tariff of Rs 4.39 per kWh. ReNew also signed a 438 MW PPA with a major multinational commercial and industrial customer.

?We are thrilled to announce the signing of these significant PPAs. This achievement reflects our unwavering commitment to India's renewable energy goals and strengthens our 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?, said Sumant Sinha, Founder, Chairman, & CEO, ReNew.

These PPAs entail the development of 1,500 MW of solar and 688 MW of wind projects, with commissioning expected over the next 24 months. ReNew's expansion aligns with India's goal of achieving 500 GW of non-fossil fuel energy capacity and reducing carbon emissions by one billion tonnes by 2030. Since its establishment in 2011, ReNew has played a significant role in fostering sustainability in the Indian economy. With an operational capacity of approximately 9.5 GW, ReNew is poised to annually generate around 21 billion units of clean electricity, sufficient to power six million households and mitigate approximately 17 million tonnes of CO2 emissions annually.

(Source: ET)

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