ReNew Power on Thursday said it is acquiring wind and solar assets totalling 527.9 megawatts (MW) in various states. It has also entered into an agreement with the Maharashtra government for the supply of 200 MW of green power, the company said in a statement.
ReNew said, “It has signed definitive agreements to acquire an operating wind and solar portfolio of 527.9 MW, comprising 471.65 MW of wind and 56.25 MW of solar assets. The company has also signed a PPA (Power Purchase Agreement) with MSEDCL for a 200-MW solar project”. The total enterprise value of these agreements is around USD 388 million, it said.
The definitive agreements come with PPAs with state distribution companies in Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu. ReNew will supply electricity at a tariff of Rs 2.43/kWh (kilowatt-hour) for 25 years from its asset in Rajasthan to Maharashtra State Electricity Distribution Company Limited (MSEDCL).
“The clean energy transition in India must happen at an increasingly rapid pace to meet the expanding energy requirements of the country, and to strengthen its longer-term energy security. Given the recent electricity shortages and blackouts, customers are even more keen to sign new power agreements to ensure future supply,” the company’s Chairman and CEO Sumant Sinha said.
ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. The company develops, builds, owns, and operates utility-scale wind energy, solar energy, and hydro projects. As of May 31, it has a gross total portfolio of 12.8 GW of renewable energy projects across India.