ReNew, a renewable energy provider, has announced the signing of five Power Purchase Agreements (PPAs) totaling over 2GW. This substantial expansion significantly bolsters ReNew's fully contracted renewable energy portfolio, now soaring to 15.6GW, firmly establishing the company as a major player in India's renewable energy landscape.
The latest agreements include three solar PPAs totaling 800MW inked with NTPC, Damodar Valley Corporation, and Solar Energy Corporation of India, at an impressive weighted average tariff of INR 2.59 per kWh. Additionally, a substantial 1GW Firm and Dispatchable Renewable Energy PPA was secured with SJVN at a tariff of INR 4.39 per kWh. These partnerships not only mark a significant stride towards sustainability but also underline ReNew's strategic focus on securing robust returns while contributing to India's renewable energy goals.
Moreover, ReNew has fortified its portfolio by adding a 438MW PPA with a major multinational Commercial and Industrial (C&I) customer, signaling the company's versatility in catering to diverse energy demands.
Sumant Sinha, the Founder and Chief Executive of ReNew, expressed his enthusiasm, stating, “We are thrilled to announce the signing of these significant PPAs. 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,” Sinha added, highlighting the strategic significance of these partnerships in driving sustainable growth and shareholder value.
Combined, these PPAs will spur the development of 1.5GW of solar and 688MW of wind projects, with an anticipated commissioning timeline of the next 24 months, further solidifying ReNew's pivotal role in India's renewable energy journey.
