, India

ReNew Power’s portfolio grows 20% in Q1 2022

The company now has around 12GW in its portfolio.

ReNew Power reported its portfolio grew 20% to around 12 gigawatts (GW) in the first quarter of the year after signing five solar power purchase agreements (PPAs).

The company has two PPAs with the Solar Energy Corporation of India (SECI) which will add 600 megawatts (MW) and375MW of solar. Electricity supply from this project will cost consumers approximately US$2.9 cents per kilowatt-hour (kWh).

The other two PPAs with SECI will provide an additional 300MW and 100MW. On top of this, ReNew acquired a beneficial interest in the 300MW SECI IX and 375MW SECI Rajasthan IV projects.

The remaining 100MW is under ReNew’s PPA with the Punjab State Power Corporation Limited.

All the projects are expected to be commissioned by the last quarter of 2023, ReNew noted.

“The addition of ~1.9 GW comfortably above our threshold returns is a testament to ReNew’s competitive advantages,” Chairman and CEO of ReNew Sumant Sinha said.

“With this ramp-up in total portfolio addition, ReNew is proud to very much remain at the centre of national efforts to meet India’s ambitious climate goals, set by Honourable Prime Minister Narendra Modi at COP26.”

This followed ReNew’s announcement that Mitsui & Co. Ltd. will be investing in its 1.3GW round-the-clock renewable energy project.

It has also formed a joint venture with Indian Oil Corporation and Larsen & Toubro for the development of green hydrogen capacity in India.

 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!