Photo by Nuno Marques on Unsplash
India-headquartered renewable energy company ReNew Power has announced the signing of five solar PPAs and several long-term purchase agreements with corporate buyers totalling around 2GW.
Four solar PPAs were signed with Solar Energy Corporation of India (SECI), an entity owned by the Government of India, and a fifth was signed with Punjab State Power Corporation Limited (PSPCL)
Several corporate buyers, including US global tech major Grasim Industries and Netmagic (a subsidiary of Japan’s NTT Communications), have also signed long-term agreements with ReNew for the purchase of 0.5GW (491MW) of clean energy or renewable energy credits.
Speaking about the recent spate of PPA signings, Chairman and CEO of ReNew Sumant Sinha, said: “The addition of ~1.9 GW comfortably above our threshold returns is a testament to ReNew’s competitive advantages. With this ramp-up in total portfolio addition, ReNew is proud to very much remain at the centre of national efforts to meet India’s ambitious climate goals, set by Honourable Prime Minister Narendra Modi at COP26,” Sinha added.
The new utility solar projects will be located in the western state of Rajasthan and the purchase agreements include:
• Two PPAs of 600 MW and 375 MW under the SECI Rajasthan IV scheme
• Two PPAs with SECI for 300 MW and 100 MW are under the SECI IX scheme
• One PPA of 100MW for PSPCL
The projects are expected to be commissioned by the fourth quarter of 2023 and will utilise solar modules manufactured at the 2GW facility being built by ReNew.