ReNew Power signs PPAs with Indian utilities and corporates for 2GW of solar PV

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ReNew Power said its corporate portfolio now stood at more than 900MW. Image: ReNew Power.

Indian Independent power producer (IPP) ReNew Power has signed a number of offtake agreements with both state utilities and corporates in India totalling roughly 2GW.

ReNew signed four solar power purchase agreements (PPAs) with state-owned Solar Energy Corporation of India (SECI) and one with Punjab State Power Corporation Limited (PSPCL) totalling 1.5GW, as well as multiple long-term purchase agreements with corporate buyers for 500MW of solar PV. 

The new utility solar projects will be located in the western state of Rajasthan, a solar hotspot in the country, and have flat tariffs over 25 years.

Under the SECI Rajasthan scheme, ReNew will supply electricity at INR2.18/kWh (US$2.9c/kWh) from two PPAs of 600MW and 375MW.

The other two PPAs with SECI for 300MW and 100MW are under the SECI IX scheme and have a tariff of INR2.37/kWh (US$3.1c/kWh).

ReNew recently acquired a beneficial interest in the 300MW (SECI IX) and 375MW (SECI Rajasthan IV) projects, subject to the terms of the respective PPAs.

For the PSPCL PPA of 100MW, ReNew will supply electricity at INR2.33/kWh (US$3.0c/kWh). All the projects are expected to be commissioned by Q4 of 2023.

Meanwhile, US-based global tech major Grasim Industries and Japanese NTT Communications subsidiary Netmagic have signed long-term agreements with ReNew for the purchase of clean power with energy tariffs ranging between INR3.06 – INR3.95/kWh (US$4.0c/kWh – US$5.2c/kWh), taking ReNew’s overall corporate portfolio to over 900MW.

“The addition of ~1.9 GW comfortably above our threshold returns is a testament to ReNew’s competitive advantages,” said ReNew chairman and CEO, Mr Sumant Sinha. “We believe that our vertical integration, combined with our scale and ability to offer customised intelligent energy solutions, allows us to win projects and provide returns in line with our targets.”

ReNew saw its revenue jumped by 25.6% during the first nine months of the fiscal year 2022, although it still reported a net loss due to its NASDAQ listing.

In January, it sold its rooftop solar portfolio as part of a strategy to heighten its focus on utility-scale PV and also raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.

More recently, it has signed an agreement with Indian engineering giant Larsen & Toubro (L&T) to develop green hydrogen facilities as well as forming a joint venture with L&T and oil refiner IndianOil to develop green hydrogen projects in India.

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