ReNew Signs 2.2 GW PPAs, Expands to 15.6 GW Portfolio
ReNew, a leading renewable energy company in India, has signed five Power Purchase Agreements (PPAs) for around 2.2 GW of renewable energy capacity, expanding its contracted renewable energy portfolio to 15.6 GW. Additionally, the company has received Letters of Award for an extra 5.8 GW of renewable energy capacity.
The new agreements include three solar PPAs totaling 800 MW with NTPC Limited, Damodar Valley Corporation, and Solar Energy Corporation of India Limited, at a weighted average tariff of Rs 2.59 per kWh. ReNew also secured a 1 GW Firm and Dispatchable Renewable Energy (FDRE) PPA with SJVN Limited at a tariff of Rs 4.39 per kWh and a 438 MW PPA with a major multinational commercial and industrial client.
Sumant Sinha, Founder, Chairman, and CEO of ReNew, expressed enthusiasm about the new agreements, saying they reflect the company's dedication to supporting India's renewable energy targets. "These agreements, with strong counterparties, will not only contribute to a cleaner future but also bring long-term financial benefits for ReNew and its shareholders", Sinha stated.
The newly signed PPAs will lead to the development of 1,500 MW of solar and 688 MW of wind projects, expected to be commissioned over the next 24 months. ReNew's expansion aligns with India's goal to achieve 500 GW of non-fossil fuel energy capacity and reduce projected carbon emissions by one billion tonnes by 2030.
Founded in 2011, ReNew has played a pivotal role in promoting green energy in India. With an operational capacity of about 9.5 GW, the company is set to generate around 21 billion units of clean electricity annually, powering six million households and helping avoid approximately 17 million tonnes of CO2 emissions each year.
