GURGAON, India, Aug. 3, 2021 /PRNewswire/ -- ReNew Power ("ReNew"
or "the Company"), India's leading
renewable energy company, today announced the signing of a
Memorandum of Understanding (MoU) with RackBank Datacenters Limited
("RackBank"). RackBank is a data center platform providing data
center services including but not limited to dedicated servers,
managed servers and colocation services. ReNew will supply power
generated from renewable sources to RackBank's hyper-scale data
center in India after a Power
Purchase Agreement (PPA) is signed with RackBank.
As laid out in the MoU, ReNew will construct, co-own, and
operate a hybrid power generation facility specifically to supply
power to RackBank's data center. RackBank would purchase green
power generated from this facility directly from ReNew, through the
"Open Access" mechanism. The MoU also provides for offsetting of
non-renewable power consumed by RackBank's data center through
green credits purchased from ReNew, ensuring that the data center
operates on a completely net-zero emissions basis. This
project will be carried out and managed by ReNew Green Solutions,
ReNew Power's business-to-business arm, which serves ReNew's
growing list of leading industrial and commercial customers, and
will lead to the creation of India's first green data center. This
strategic relationship is one of a kind and is expected to be a
precedent for green energy procurement by corporations in
India.
Rackbank data center is spread out in a vast expanse of 35000
sq. ft. with a capacity of 800 racks and growing. The company
projects that it will have 500 MW of IT infrastructure capacity in
the next 5 years. This unique project will serve as a
future-secured platform for data-driven companies to thrive in a
100-percent clean energy facility with zero carbon footprints.
Speaking about the collaboration, Mr Sumant Sinha, Founder, Chairman, and CEO of
ReNew Power, said, "The MoU between ReNew Green Solutions and
RackBank reflects the commitment that responsible corporates are
showing to shift towards cleaner energy sources to power their
businesses. ReNew Power has been a pioneer in the renewable energy
space and it has always been our endeavour to support firms looking
to reduce their carbon footprint. We congratulate RackBank for
embarking on this journey and look forward to our partnership for
this potential 500 MW opportunity."
Mr Narendra Sen, CEO of
RackBank Datacenters Limited commenting on the MoU, said
"We are proud to build India's
first green data center and are excited to partner with ReNew Power
for clean power procurement. This initiative is one of the major
check posts for RackBank's vision of a sustainable future, along
with the several other green initiatives previously taken by our
company. RackBank Hyperscale platform will enable 100% clean energy
for our data center and through this partnership, we should be able
to reduce our power cost by 30% compared to power consumption
directly from the grid."
About ReNew Power: ReNew is India's leading renewable energy independent
power producer (IPP) by capacity and is the 10th largest
global renewable IPP by operational capacity. ReNew develops,
builds, owns and operates utility-scale wind energy projects,
utility-scale solar energy projects, utility-scale firm power
projects, and distributed solar energy projects. As of March 31, 2021, ReNew Power had a total capacity
of approximately 10 GW of wind and solar energy projects across
India, including commissioned and
committed projects from organic and inorganic growth opportunities.
ReNew's current group of stockholders contains several marquee
investors including Goldman Sachs, CPP Investments, Abu Dhabi
Investment Authority, GEF SACEF and JERA.
As previously announced, ReNew Energy Global Plc has entered
into a definitive agreement for a business combination with RMG
Acquisition Corporation II (NASDAQ: RMGB), a publicly-traded
special purpose acquisition company (SPAC), that would result in
ReNew becoming a publicly listed company. Completion of the
proposed transaction is subject to customary closing conditions and
is expected to occur in the third quarter of the calendar year
2021. For more information, please visit: www.renewpower.in; Follow
ReNew Power on Twitter @ReNew_Power
No Offer or Solicitation
This press release is for informational purposes only and shall
neither constitute an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of securities in
any jurisdiction in which the offer, solicitation, or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About RackBank Datacenters Limited: RackBank is a
"Hyperscale" Data center Platform. Building more than 500 MW
of IT Infrastructure for Cloud operators and global enterprises,
its ability to offer scalable, modular-build, carbon-neutral,
carrier-neutral, network-dense, robust, and reliable data centers
make RackBank well-positioned to monetize a Gigawatt opportunity
and enable the digital infrastructure for Digital India. RackBank
has strategically chosen Mumbai,
Chennai, Delhi, Pune,
Hyderabad as a preferred location
for building Data centers in India. Our target customers are Global
Hyperscale Cloud operators and Global Fortune 1,000
companies. Also, RackBank is focusing on Edge Data
centers in the top 100 cities of India. www.rackbank.com
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SOURCE ReNew Power Private Limited