ReNew's total portfolio rises close to 20% to over 12 GW
- 1.5 GW of solar Power Purchase Agreements ("PPAs") signed since
March 2022with utilities, mainly SECI (1.4 GW), with projects to be located in Rajasthan
- 0.5 GW of long-term agreements signed with corporate buyers; assets to be set up in states of
Gujarat, Maharashtra, and Rajasthan
This has seen the company's gross total portfolio jump to ~12.1 GW from 10.2 GW at the beginning of this calendar year.
The new utility solar projects will be located in the western
Two PPAs of 600 MW and 375 MW are under the SECI Rajasthan IV scheme, where ReNew will supply electricity at ₹ 2.18/kWh (~US 2.9* ¢/kWh). The other two PPAs with SECI for 300 MW and 100 MW** are under the SECI IX scheme and have a tariff of ₹ 2.37/kWh (~US 3.1 ¢/kWh). ReNew recently acquired a beneficial interest in the 300 MW (SECI IX) and 375 MW (SECI Rajasthan IV) projects, subject to the terms of the respective PPAs.
For the PSPCL PPA of 100 MW, ReNew will supply electricity at ₹2.33/kWh (~US 3.0 ¢/kWh). All the projects are expected to be commissioned by the fourth calendar quarter of 2023.
Corporate buyers have signed long-term agreements with ReNew for the purchase of clean energy or renewable energy credits for approximately 0.5 GW (491 MW), with energy tariffs ranging between ₹ 3.06 - ₹ 3.95/kWh (~US 4.0 ¢/kWh – ~US 5.2 ¢/kWh). The corporates include a large US-based global tech major, Grasim Industries (part of the
Speaking about the recent spate of PPA signings, Chairman and CEO of ReNew, Mr
"The addition of ~1.9 GW comfortably above our threshold returns is a testament to ReNew's competitive advantages. With this ramp-up in total portfolio addition, ReNew is proud to very much remain at the centre of national efforts to meet
The solar modules for these projects are expected to be manufactured at the 2 GW module manufacturing facility being built by ReNew and sourced through tolling contracts with domestic suppliers.
ReNew recently also announced an investment by Mitsui & Co. Ltd in its 1.3 GW round-the-clock renewable energy project, and a joint venture with Indian Oil Corporation and Larsen & Toubro for developing green hydrogen capacity in
** Part of 400 MW won by ReNew under the SECI IX scheme, and included in the 10.2 GW
ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in