US$1 billion financing has been secured for a ‘Round-The-Clock’ (RTC) renewable energy project in India, marking the biggest single-project clean energy deal in the country, developer ReNew Power has claimed.
Renewables-focused independent power producer (IPP) ReNew Power said yesterday that it has reached agreement on a project finance loan with 12 different international lenders for the 1,300MW mixed technology project.
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Anticipated to include 900MW of wind and 400MW of solar PV deployed across regions in three Indian states: Karnataka, Rajasthan and Maharastra, the inclusion of battery energy storage system (BESS) technology is designed to make the energy dispatchable 24/7 throughout the year.
This means it can be competitive technologically to thermal energy sources like coal to provide baseload energy, the IPP claimed. A 25-year power purchase agreement (PPA) has been signed for the project with the national Solar Energy Corporation of India (SECI), as reported by PV Tech in April last year.
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