Sinha committed to position ReNew as a leading green energy provider
ReNew, India’s leading renewable energy company (NASDAQ: RNW), has signed of five Power Purchase Agreements (PPAs) totaling ~2.2 GW of RE capacity, significantly expanding its fully contracted renewable energy portfolio nasdaq.com/ .
ReNewCorp Founder, Chairman and CEO @sumant_sinha said on 9 May, “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.”
These agreements provide visibility and predictability of significant future growth at returns above the threshold levels. Combined, these PPAs will involve development of 1,500 MW of solar and 688 MW of wind projects @fii_news and are expected to be commissioned over the next 24 months.
Of the five PPAs, ReNew signed three solar PPAs totaling 800 MW with ntpclimited , damodarvalleyco and SECI_Ltd at a weighted average tariff of Rs.2.59 per kWh.
In addition, a ~1 GW Firm and Dispatchable Renewable Energy (FDRE) PPA was signed with SjvnLimited at a tariff of INR 4.39 per kWh.
“These PPAs signed with central government utilities further strengthen our counterparty profile. We also added 438 MW PPA with a large multinational C&I customer,” said Sinha.
ReNew’s overall portfolio now stands at 15.6 GW, consolidating its position as a major player in India’s green energy transition. In addition, ReNew has received Letter of Awards for an additional ~5.8 GW of RE capacity conexpoconagg .
The company’s expansion of its operating capacity comes as India targets to achieve 500 GW of non-fossil fuel energy capacity and reduce its projected carbon emissions by one billion tonnes by 2030.
Established in 2011, ReNew has been playing a significant role in greening the Indian economy over the past decade. With an operational capacity of ~9.5 GW, ReNew will annually generate ~21 billion units of clean electricity – enough to power ~6 million households and help avoid ~17 million tonnes of CO2 emissions annually. Fiinews.com
