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ReNew Energy on Thursday stated it has signed 5 energy buy agreements (PPAs) for the provision of round 1,500 MW electrical energy generated from photo voltaic crops. The corporate has signed PPAs with Photo voltaic Power Company of India (SECI) and Punjab State Energy Company Ltd (PSPCL), in addition to a number of long-term buy agreements with company patrons collectively totalling round 2 GW, an organization assertion stated.
This has seen the corporate’s gross complete portfolio leaping to 12.1 GW from 10.2 GW initially of this calendar 12 months.
The brand new utility photo voltaic tasks might be situated within the western state of Rajasthan and have flat tariffs over 25 years.
4 photo voltaic PPAs have been signed with SECI and one with PSPCL. Two PPAs of 600 MW and 375 MW are underneath the SECI Rajasthan IV scheme, the place ReNew will provide electrical energy at Rs 2.18/kWh.
The opposite two PPAs with SECI for 300 MW and 100 MW are underneath the SECI IX scheme and have a tariff of Rs 2.37/kWh.
The ReNew not too long ago acquired a helpful curiosity within the 300 MW (SECI IX) and 375 MW (SECI Rajasthan IV) tasks, topic to the phrases of the respective PPAs.
For the PSPCL PPA of 100 MW, ReNew will provide electrical energy at Rs 2.33/kWh. All of the tasks are anticipated to be commissioned by the fourth calendar quarter of 2023.
Company patrons have signed long-term agreements with ReNew for the acquisition of unpolluted vitality or renewable vitality credit for roughly 0.5 GW (491 MW), with vitality tariffs ranging between Rs 3.06 to Rs 3.95/kWh.
The corporates embody a big US-based international tech main, Grasim Industries, and Netmagic, a subsidiary of NTT Communications, Japan.
This takes ReNew’s total company portfolio to over 900 MW, making it one of many largest renewable vitality options suppliers to corporates, it acknowledged.
ReNew Chairman and CEO Sumant Sinha, stated, “The addition of 1.9 GW comfortably above our threshold returns is a testomony to ReNew’s aggressive benefits.”
ReNew not too long ago additionally introduced an funding by Mitsui & Co. Ltd in its 1.3 GW round the clock renewable vitality undertaking, and a three way partnership with Indian Oil Company and Larsen & Toubro for growing inexperienced hydrogen capability in India.
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Quite a lot of Indian renewable vitality builders have efficiently managed to entry international fairness and debt capital. However there’s a bigger pool of ESG and sustainability-linked funds obtainable that may very well be accessed, reminiscent of by government-backed sovereign inexperienced bonds.
Enterprise Worth for this acquisition is approx. Rs 417 crore topic to closing worth changes, if any. The acquisition is additional topic to customary situations for transaction closure.
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