Indian developer ReNew Power has announced it has commissioned a 105 MW solar power generation facility in the Indian state of Gujarat.
The project, located in the Patan District, benefits from a 25-year power purchase agreement with the state Discom Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of INR 2.68/kWh (US$0.036/kWh).
Renew Power has deployed advanced mono PERC solar modules with seasonal tilt structure design at the solar farm to ensure greater generation efficiency and maximum utilization of assets.
The latest addition takes ReNew’s total operational solar capacity in Gujarat to 145 MW and all-India PV capacity to 4.7 GW. It follows the commissioning of a 300 MW wind farm in Gujarat and 110 MW solar farm in Rajasthan since March this year.
As announced earlier, ReNew Power has entered into a merger agreement with a US-based special-purpose acquisition corporation as it seeks to become a publicly listed company on the NASDAQ.
The Goldman Sachs-backed renewable power producer’s transaction with NASDAQ-listed RMG Acquisition Corporation II (RMG II) implies an enterprise valuation of around $8 billion. The transaction is expected to close in the second quarter of 2021.
Upon completion of the transaction with RMG II, the combined entity would be named ReNew Energy Global PLC and expected to be listed on the NASDAQ under the new ticker symbol “RNW.”
Founded in 2011, ReNew is India’s leading renewable energy independent power producer (IPP), and among the top 15 largest renewable IPPs globally by capacity, with a portfolio of more than 100 operational utility-scale wind and solar energy projects spread across nine Indian states. The company also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India.
ReNew is presently the only company in the Indian renewable energy sector with over 5 GW of operational capacity.
The company currently has an aggregate wind and solar capacity of close to 10 GW (including the capacity won in competitive bids).
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