US$1 billion loan for ’round-the-clock’ renewable energy project in India secured by ReNew Power

By Andy Colthorpe
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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.

To read the full version of this story, visit Energy-Storage.news.

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