ReNew Energy Global, an Indian renewable energy company, announced on Tuesday that it has entered into several power purchase agreements (PPAs) with utilities and corporate off-takers in India totaling about 2 GW of solar energy.
ReNew signed four PPAs with the government-owned Solar Energy Corporation of India (SECI) and one with the Punjab State Power Corporation Limited (PSPCL) to deliver about 1.5 GW of power from new utility-scale solar farms, which will be located in the western state of Rajasthan and will operate under flat tariffs for a period of 25 years.
Two agreements with SECI encompass projects of 600 MW and 375 MW under the SECI Rajasthan IV program, at a tariff of Rs 2.18 (US$0.028) per kilowatt-hour. ReNew will also supply solar power for Rs 2.37 per kilowatt-hour for the remaining two deals, covering 300 MW and 100 MW under the SECI IX plan.
In addition, the company will deliver a 100-MW project and supply power at Rs 2.33 per kilowatt-hour under the terms of the deal with PSPCL. All of these projects are expected to be completed by the fourth quarter of 2023.
In terms of corporate power procurement, ReNew obtained long-term power purchase agreements to offload electricity or renewable energy credits totaling around 491 MW, with pricing ranging between Rs 3.06 and Rs 3.95 per kilowatt-hour. Grasim Industries Ltd of India, Netmagic, a subsidiary of Japan’s NTT Communications, and an undisclosed “US-based global IT firm” are among the corporate customers.
The solar farms for the corporate off-takers will be located in the Indian states of Gujarat, Maharashtra, and Rajasthan.
These agreements helped ReNew expand its corporate portfolio to more than 900 MW. Its overall gross portfolio increased to 12.1 GW from 10.2 GW since the beginning of the calendar year, according to the company.
