GURGAON, India, Aug. 6, 2021 /PRNewswire/ -- ReNew Power ("ReNew"
or "the Company"), India's leading
renewable energy company, today announced that it has signed a
Power Purchase Agreement (PPA) for Round-The-Clock (RTC)
electricity supply, the first-of-its-kind in India. The PPA is with the Solar Energy
Corporation of India (SECI), a
Central Government owned entity, which has an AA+ domestic debt
rating by ICRA, a subsidiary of Standard & Poor's.
ReNew had won the bid to supply Round-The-Clock power in 2020
through an auction conducted by SECI. As per the contract, ReNew
Power will supply electricity in the first year at ₹ 2.90/kWh (~US
3.9¢). This tariff will increase by 3% annually for the first 15
years after which it will stabilise for the remaining 10-years of
the 25-year contract.
The project will be designed to operate at an 80% average annual
plant load factor (PLF) and will have a minimum capacity
utilisation factor of 70% monthly, despite being a renewable energy
project. As a typical solar/wind firm power renewable energy
project in India has a lower PLF
depending on site and technology selection, ReNew Power anticipates
the 400 MW RTC project will require 900 MWs of wind capacity, 400
MWs of solar capacity, which will be supplemented by battery
storage, for a project cost of approximately US$ 1.2 billion.
Speaking about the execution of PPA, Mr Sumant Sinha, Founder, Chairman and CEO of ReNew
Power, said, "With the signing of this PPA, ReNew Power and the
Indian renewable energy sector has taken a historic step towards
addressing intermittency of renewable power generation. We are
pleased to sign this agreement which allows us to provide a
value-added product to the electricity grid and offers us a
competitive advantage for all such future bids. The government's
bold vision and ReNew's technological ingenuity and execution
prowess will ensure that this project will soon start feeding
stable, clean and low cost power into the grid. I am confident,
that this is the beginning of a new era in the renewable energy
sector."
Speaking on this occasion, Shri J N Swain, MD SECI, said,
"This PPA is a significant step forward to not only meet the 175 GW
renewable energy target of India
but also usher in a dispatchable renewable energy regime in the
electricity sector. This is also a momentous occasion for SECI as
under this single project, 400 MW renewable energy Round-The-Clock
(RTC) capacity will result in the deployment of 1,300 MW of wind
and solar capacity and a large-scale battery storage system in the
country. With this project, procuring utilities would get
round-the-clock electricity supply from renewables at a very
affordable rate while meeting their RPO targets. Innovative
projects like this will be the future of renewable energy in the
country."
ReNew Power will set up this capacity through wind and solar
farms across Karnataka, Maharashtra, and Rajasthan where ReNew has
obtained requisite approvals to connect the project sites with the
grid and has secured connectivity through the inter-state
transmission system.
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.
Press Inquiries
Arijit
Banerjee
arijit.banerjee@renewpower.in
+91 9811609245
Madhur Kalra
madhur.kalra@renewpower.in
+91 9999016790
Investor Inquiries
Nathan
Judge, CFA
nathan.judge@renewpower.in
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SOURCE ReNew Power Private Limited