ReNew secures PPAs for 2.2 GW of renewables

ReNew has secured power purchase agreements for 1,500 MW of solar and 688 MW of wind power projects. It has also received Letter of Awards for an additional 5.8 GW of renewable energy capacity.

May 10, 2024 Uma Gupta

Sumant Sinha, chairman and CEO of ReNew

Image: ReNew

ReNew, a NASDAQ-listed renewable energy company in India, announced this week that it has signed five power purchase agreements (PPAs) totaling 2.2 GW of renewable energy (RE) capacity. The PPAs significantly expand the company’s overall portfolio to 15.6 GW, including operational capacity of 9.5 GW.

ReNew also announced that it has received Letter of Awards for an additional 5.8 GW of RE capacity.

Of the five PPAs, ReNew secured three solar PPAs totaling 800 MW with NTPC Ltd, Damodar Valley Corp. (DVC), and Solar Energy Corp. of India Ltd (SECI) at a weighted average tariff of INR 2.59 ($0.031) per kWh. In addition, a 1 GW firm and dispatchable renewable energy (FDRE) PPA was signed with SJVN at a tariff of INR 4.39 per kWh. ReNew also secured 438 MW PPA with a large multinational C&I customer.

Combined, these PPAs will involve development of 1,500 MW of solar and 688 MW of wind projects and are expected to be commissioned over the next 24 months.

Sumant Sinha, founder, chairman and CEO, ReNew, “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.”

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