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ReNew Power announced that it had signed five power purchase agreements for around 1,500 MW of electricity from solar plants.
According to a statement, the company signed PPAs (Power Purchase Agreements) with Solar Energy Corporation of India (SECI), and Punjab State Power Corporation Ltd. (PSPCL), along with multiple long-term agreements with corporate buyers totaling around 2 GW.
The company’s total gross portfolio has risen to 12.1 GW, from 10.2GW at the start of the calendar year.
New utility solar projects in Rajasthan will be built and will have flat tariffs for 25 years.
There have been four solar PPAs signed with SECI, one with PSPCL. Two PPAs, 600 MW and 350 MW, are part of the SECI Rajasthan IV scheme. Renew will supply electricity at Rs 2.18/kWh.
The SECI IX scheme covers the other PPAs for 300 MW and 100MW. They have a tariff at Rs 2.37/kWh.
ReNew recently purchased a beneficial interest (SECI IX 300 MW) and SECI Rajasthan IV 375 MW (SECI Rajasthan IV 375 MW) projects. This is subject to the terms of respective PPAs.
ReNew will supply electricity at Rs 2.33/kWh for the PSPCL PPA 100 MW. All of the projects will be in commission by the fourth quarter 2023.
ReNew has signed long-term contracts with corporate buyers to purchase clean energy or renewable credits for an estimated 0.5GW (491MW) of energy. The energy tariffs range from Rs 3.06 to R 3.95/kWh.
The corporates include Grasim Industries, a major US tech company, and Netmagic (a Japanese subsidiary of NTT Communications).
ReNew now has a corporate portfolio of over 900 MW. This makes it one the largest providers of renewable energy solutions to corporations, it said.
Sumant Sinha (Renew Chairman and CEO), stated that “The addition of 1.9 GW comfortably over our threshold returns was a testament to ReNew’s competitive advantages.” ReNew also announced recent investments by Mitsui & Co. Ltd into its 1.3 GW continuous renewable energy project and a joint venture partnership with Indian Oil Corporation, Larsen & Toubro, for the development of green hydrogen in India.