ReNew Inks Five PPAs to Boost Clean Energy Supply by 2.2 GW

ReNew, a prominent clean energy firm, announced a significant expansion of its renewable energy (RE) portfolio through the signing of five power purchase agreements (PPAs) and the receipt of a letter of award for setting up an impressive 5.8 gigawatt (GW) of renewable energy capacity. This strategic move not only underscores ReNew's commitment to bolstering India's RE capabilities but also solidifies its position as a leading provider in the green energy sector.

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The company's latest agreements include three solar PPAs totaling 800 MW with esteemed entities such as NTPC Limited, Damodar Valley Corporation (DVC), and Solar Energy Corporation of India Limited (SECI), boasting an average tariff of Rs 2.59 per kilowatt hour (kWh). Additionally, ReNew has secured another PPA with SJVN Limited for a 1 GW Firm and Dispatchable Renewable Energy (FDRE) project at a competitive tariff of Rs 4.39 per kWh. A further agreement has been made for a 438 MW power supply to a multinational commercial and industrial (C&I) customer.

These agreements, which encompass the development of 1,500 MW of solar and 688 MW of wind projects, are expected to be commissioned within the next 24 months. ReNew's overall portfolio has now impressively reached 15.6 GW, marking a significant milestone in its growth trajectory.

Commitment to Clean Energy

Sumant Sinha, ReNew founder, Chairman, and CEO, expressed his enthusiasm about the new PPAs, stating, "This reflects our commitment to India’s renewable energy goals and strengthens our position as a leading green energy provider." He further highlighted the strategic importance of these agreements, emphasizing their role in contributing to a cleaner future while also delivering long-term financial benefits for ReNew and its shareholders.

Based in Gurugram, ReNew boasts a diverse portfolio that spans across solar, wind, and hydropower sectors, totaling an impressive 21 GW. This recent expansion through both PPAs and the award to set up additional RE capacity demonstrates ReNew's proactive approach in supporting India's transition towards sustainable energy solutions.

The company's strategic partnerships with reputable counter-parties through these PPAs are set to enhance India's clean energy landscape while reinforcing ReNew's commitment to environmental sustainability and economic growth. As ReNew continues to build on its already substantial RE portfolio, it plays a pivotal role in meeting India's ambitious renewable energy targets.