Essar Renewables Limited (ERL), the renewable energy arm of Essar Power, has signed a power purchase agreement (PPA) with NHPC Limited for a 300MW firm and dispatchable renewable energy (FDRE) project in Andhra Pradesh.
The renewable energy firm will invest approximately INR 45 billion (US$476.4 million) in the project, which will combine solar and wind generation with battery energy storage systems (BESS) to supply dispatchable renewable electricity.
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The project forms part of Essar’s planned energy portfolio of approximately 5GW, comprising renewable, thermal and gas-based power generation.
Ankur Kumar, CEO, Essar Power added, “At Essar Renewables, we are focused on building a strong portfolio across solar, wind and BESS, tapping into the growing opportunities in India’s renewable energy sector. The 300MW FDRE project with NHPC is an important milestone in this journey, strengthening our portfolio and advancing our ambition to build a scalable renewable energy business.”
NHPC, a Navratna public sector enterprise under the Ministry of Power (MoP), has expanded its operations beyond hydropower into solar and wind energy as part of its broader renewable energy business.
The project adds to Essar Power’s planned renewable energy investments as India targets 500GW of renewable energy capacity by 2030 (subscription required).
ERL has secured three renewable energy tenders from central public sector undertakings NHPC and SJVN, with a combined awarded capacity of approximately 1GW, the company said.
Essar Power is targeting a diversified 5GW energy portfolio spanning renewable, thermal and gas-based power generation, and has developed and operated over 5GW of generation capacity and 464km of transmission lines, backed by cumulative investments of nearly INR 300 billion.
