, India

ReNew Power, Mitsui partner to develop India's first round-the-clock project

The RTC project consists of three wind farms, one solar and battery storage farm.

ReNew Power has partnered with Mitsui & Co. in developing a 400-megawatt (MW) round-the-clock (RTC) project in India.

Under the power purchase agreement (PPA), Mitsui is expected to take a 49% stake of the project.

“The RTC project, the first of its kind in India, provides the lowest cost and emission-free 24 X 7 renewable electricity,” Sumant Sinha, Founder, Chairman and CEO of ReNew Power, said.

The project will consist of three newly wind farms, one solar and battery storage farm. It has a total of 1,300MW and a 100 megawatt-hour battery storage.

The project is located across Rajasthan, Karnataka, and Maharashtra. It is expected to provide some 400MW electricity to the Solar Energy Corporation of India (SECI).

The RTC project is targeted to start commercial operations in the third quarter of 2023.

“We view India as an extremely promising market for many reasons, including its high economic growth and strong commitment towards decarbonization,”  Ryoichiro Uno, General Manager in charge of infrastructure projects in India, Middle East, and Africa of Mitsui, said.

“Through this project, Mitsui will accelerate India's clean energy transition together with ReNew.”

The 25-year PPA for the project was signed last year with SECI for supplying electricity at ₹2.90/kWh (or approximately, US 3.8¢), which will increase by 3% annually for 15 years after which it will stabilise for remaining period of the project.

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