ReNew signs five renewable PPAs

Of the five PPAs, ReNew signed three solar PPAs amounting to 800 MW with NTPC Limited, Damodar Valley Corporation (DVC), and Solar Energy Corporation of India Limited (SECI) at a weighted average tariff of INR 2.59/kWh. In addition, a ~1 GW Firm and Dispatchable Renewable Energy (DRE) PPA was signed with SJVN Limited, at a tariff of INR 4.39/kWh. These PPAs signed with central government utilities further strengthen our counterparty profile. We also added 438 MW PPA with a large multinational C&I customer.

These agreements provide visibility and predictability of significant future growth at returns above the threshold levels. Combined, these PPAs will involve development of 1500 MW of solar and 688 MW of wind projects and are expected to be commissioned over the next 24 months.

"We are thrilled to announce the signing of these PPAs," said Sumant Sinha, Founder, Chairman, and CEO, ReNew. "This achievement reflects our unwavering commitment to India's renewable energy goals and strengthens our position as a leading green energy provider. These agreements, with a strong counterparty profile, will not only contribute to a cleaner future but also deliver long-term financial benefits for ReNew and its shareholders."

The company's expansion of its operating capacity comes as India targets to achieve 500 GW of non-fossil fuel energy capacity and reduce its projected carbon emissions by 1 billion t by 2030. Established in 2011, ReNew has been playing a significant role in greening the Indian economy over the past decade. With an operational capacity of ~9.5 GW, ReNew will annually generate ~21 billion units of clean electricity - enough to power ~6 million households and help avoid ~17 million tpy of carbon dioxide.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

Read the article online at: https://www.energyglobal.com/solar/10052024/renew-signs-five-renewable-ppas/