ReNew Power Secures 5 New PPAs, Adding 2.2 GW to Bolster Renewable Energy Portfolio

ReNew, a prominent renewable energy company, has significantly bolstered its renewable capacity with the signing of five new Power Purchase Agreements (PPAs), collectively adding approximately 2.2 GW to its portfolio. This expansion brings ReNew’s total contracted capacity to 15.6 GW, reinforcing its role in India’s push towards green energy.

The agreements comprise three solar PPAs with NTPC Limited, Damodar Valley Corporation, and Solar Energy Corporation of India Limited, totaling 800 MW at an average tariff of INR 2.59 per kWh. Additionally, a notable 1 GW Firm and Dispatchable Renewable Energy (FDRE) PPA was signed with SJVN Limited at a rate of INR 4.39 per kWh. A further 438 MW PPA was secured with a large multinational commercial and industrial customer.

These PPAs, signed predominantly with central government utilities, not only enhance ReNew’s counterparty profile but also assure substantial future growth with returns surpassing threshold levels. The company plans to develop 1,500 MW of solar and 688 MW of wind projects under these agreements, with expected commissioning within the next 24 months.

We are thrilled to announce the signing of these significant PPAs,” said Sumant Sinha, Founder, Chairman and CEO, ReNew. “This achievement reflects our unwavering commitment to India’s renewable energy goals and strengthens our position as a leading green energy provider. These agreements, with a strong counterparty profile, will not only contribute to a cleaner future but also deliver long-term financial benefits for ReNew and its shareholders.”

As India aims to achieve 500 GW of non-fossil fuel energy capacity and cut carbon emissions by one billion tonnes by 2030, ReNew’s operational capacity of approximately 9.5 GW is set to produce around 21 billion units of clean electricity annually. This output is enough to power about 6 million households and offset around 17 million tonnes of CO2 each year, underscoring ReNew’s significant contribution to the country’s sustainable development.