Indian renewable energy provider ReNew has announced the signing of five Power Purchase Agreements (PPAs) totalling more than 2GW, significantly expanding its fully contracted renewable energy portfolio.
The 2.2GW figure takes ReNew’s overall portfolio to 15.6GW, consolidating its position as a major player in India’s green energy transition, it said. In addition, the company has received Letter of Awards for an additional 5.8GW of RE capacity.
Of the five PPAs, ReNew signed three solar PPAs totalling 800MW with NTPC, Damodar Valley Corporation, and Solar Energy Corporation of India at a weighted average tariff of INR 2.59 per kWh.
A 1GW Firm and Dispatchable Renewable Energy PPA was also signed with SJVN at a tariff of INR 4.39 per kWh.
ReNew also added 438MW PPA with a large multinational C&I customer.
These agreements provide visibility and predictability of significant future growth at returns above the threshold levels, the company said.
Combined, these PPAs will involve development of 1.5GW of solar and 688MW of wind projects and are expected to be commissioned over the next 24 months.
“We are thrilled to announce the signing of these significant PPAs,” said ReNew founder and chief executive Sumant Sinha.
“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.”