Indian independent power producer (IPP) ReNew has signed 800MW of solar PV power purchase agreements (PPAs) in India.
Comprising of three separate solar PV PPAs, the company secured offtake agreements with utilities NTPC, Damodar Valley Corporation and Solar Energy Corporation of India at an average tariff of INR 2.59/kWh (US$0.03/kWh).
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The Indian IPP also secured a 1GW PPA of firm and dispatchable renewable energy with SJVN at 4.39kWh and a 438MW PPA with an undisclosed commercial and industrial (C&I) company.
Overall, the PPAs will involve the development of 1.5GW of solar PV which is expected to be commissioned over the next 24 months. The location of where the solar PV capacity will be built was not disclosed.
These latest PPAs will contribute to expanding ReNew’s operational renewables portfolio which sits at nearly 9.5GW, as the company continues to expand its portfolio. Such as last year’s joint venture with Gentari Renewables India – a subsidiary of Malaysian clean energy solutions firm Gentari – to develop 5GW of renewables in India.
Earlier this year, the company sold a 300MW solar PV project in the Indian region of Rajasthan for US$199 million to infrastructure investment trust India Grid Trust.