ReNew inks 5 PPAs to add 2.2 GW to its renewable energy portfolio

The deals will involve the construction of 1,500 MW of solar and 688 MW of wind projects.

India’s ReNew signed five power purchase agreements (PPA) to expand its fully contracted renewable energy portfolio by around 2.2 gigawatts (GW), bringing its overall capacity to 15.6 GW.

In a statement, ReNew said three of the five deals were solar PPAs with NTPC, Limited, Damodar Valle Corporation, and the Solar Energy Corporation of India with a total capacity of 800 megawatts (MW) at a weighted average tariff of $0.031 (INR2.59) per kilowatt-hour (kWh).

A PPA was also signed with SJVN for around 1 GW firm and dispatchable renewable energy at a tariff of $0.053 (INR4.39) per kWh. Another 438 MW PPA was signed with a large multinational commercial and industrial customer.

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‘"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,” said ReNew Fourder, Chairman, and CEO Sumant Sinha.

The company added that the PPAs will involve the development of 1,500 MW of solar and 688 MW of wind projects that will start operations in the next 24 months.

ReNew also received letter of awards for an additional renewable capacity of around 5.8 GW.

$1 =INR83.49