Ayana Renewable Power, a Bengaluru-based renewable energy platform majority-controlled by National Investment and Infrastructure Fund (NIIF), has secured a project to supply 300 MW of renewable energy round the clock to REMCL, a joint venture company of the Ministry of Railways and RITES Ltd.
Ayana won the capacity at a levelized tariff of INR 4.1 ($0.049)/kWh through its subsidiary Project Nine Renewable Energy in a reverse bid auction for a cumulative 900 MW tendered by REMCL.
To supply 300 MW of round-the-clock power, Ayana will need to install around 1 GW of solar and wind energy generation capacity supported by a storage solution. It will develop the RE project on a build-own-operate basis.
“The project is a first-of-its-kind, with a high degree of availability and dispatchability, and will add installed capacity of approximately 1 GW of renewables through solar and wind to Ayana’s portfolio with third-party storage arrangements. This takes Ayana’s cumulative capacity in operation, maintenance, and development to nearly 5 GW,” stated Ayana.
“With an annual availability of over 85%, the project will provide firm renewable energy for 25 years and showcases the potential of RTC to enable baseload, rather than managing peak-load as has been traditionally done,” Ayana added.
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