This led to a jump in the company’s gross total portfolio to 12.1 GW from 10.2 GW at the beginning of this calendar year
ReNew Power recently signed five power purchase agreements (PPAs) to supply about 1,500 MW of electricity generated by solar power plants.
The company has signed PPAs with the Solar Energy Corporation of India (SECI) and Punjab State Power Corporation Ltd (PSPCL), as well as a number of long-term purchase agreements with corporate buyers together totaling about 2 GW, the company said in a statement.
Four solar PPAs are signed with SECI and one with PSPCL. Two PPAs of 600 MW and 375 MW are under the SECI Rajasthan IV scheme, where ReNew will supply electricity at 2.18 Rs / kWh. The other two PPAs with SECI for 300 MW and 100 MW are under the SECI IX scheme and have a tariff of 2.37 Rs / kWh.
This led to a jump in the company’s gross total portfolio to 12.1 GW from 10.2 GW at the beginning of this calendar year.
The new solar projects will be located in the western state of Rajasthan and will have fixed tariffs for 25 years.
ReNew has recently acquired a fruitful share in the 300 MW (SECI IX) and 375 MW (SECI Rajasthan IV) projects, subject to the terms of the relevant PPAs.
For a 100 MW PSPCL PPA, ReNew will supply electricity at 2.33 Rs / kWh. All projects are expected to be commissioned by the fourth calendar quarter of 2023.
Corporate buyers have signed long-term agreements with ReNew for the purchase of clean energy or renewable energy loans for approximately 0.5 GW (491 MW), with energy tariffs ranging between Rs 3.06 and Rs 3.95 / kWh.
The corporations include a large global technology company based in the United States, Grasim Industries and Netmagic, a subsidiary of NTT Communications, Japan.
This brings ReNew’s overall corporate portfolio to over 900 MW, making it one of the largest providers of renewable energy solutions for corporations, it said.