Business
Mitsui to invest in ReNew Power's Round-The-Clock project
Agreement will see Japan-based Mitsui take 49% stake in the project ReNew signed 400 MW round-the-clock (RTC) PPA last year to supply electricity to Solar
About this update from Renew Energy Global Plc
[{"type":"text","content":"Agreement will see Japan-based Mitsui take 49% stake in the project ReNew signed 400 MW round-the-clock (RTC) PPA last year to supply electricity to Solar Energy Corporation of India (SECI) For the 400 MW PPA, the company will install 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage GURGAON, India, April 6, 2022 /PRNewswire/ -- ReNew Power (\"ReNew\", RNW, RNWWW: NASDAQ), India's leading renewable energy company, has finalized a partnership with Mitsui & Co., Ltd. (\"Mitsui\", 8031.T-JP: Tokyo Stock Exchange), a leading global general trading and investment firm.\n\n \n \n \n \n \n \n\n \nThe partnership will see Mitsui invest in the RTC renewable energy project being developed by ReNew.\nThe RTC project will consist of three newly built wind farms and one solar plus battery storage farm (1,300 MW in total plus up to 100 MWh battery storage) across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 MW electricity to SECI, an Indian central government-owned entity with an AA+ domestic debt rating by ICRA, a subsidiary of Standard & Poor's.\nThe project's commercial operations are expected to start in the third calendar quarter of 2023. ReNew, through its affiliates, will also undertake EPC, O&M, and project management for the RTC project.\nThe 25-year PPA for the project, the first-of-its-kind renewable energy PPA in India, was signed last year with SECI for supplying electricity at ₹2.90/kWh (~US 3.8¢), which will increase by 3% annually for 15 years after which it will stabilise for remaining period of the project.\nIndia, being the third-largest emitter of greenhouse gases globally, made commitments at the Glasgow COP26 summit last year to reach 500 GW of non-fossil fuel-based installed capacity by 2030, and to source 50% of all its energy from renewables by then. The RTC project will feed into this target and support the Government of India's policy of scaling up the renewable energy sector as part of the country's historic clean energy transition.\nSpeaking about this partnership with Mitsui, Mr. Sumant Sinha, Founder, Chairman and CEO of ReNew Power said, \"The RTC project, the first of its kind in India, provides the lowest cost and emission-free 24 X 7 renewable electricity. We are proud to partner with Mitsui, a leading global conglomerate, to support India's green energy trans...