Business
ReNew's total portfolio rises close to 20% to over 12 GW
1.5 GW of solar Power Purchase Agreements ("PPAs") signed since March 2022 with utilities, mainly SECI (1.4 GW), with projects to be located in Rajasthan0.5
About this update from Renew Energy Global Plc
[{"type":"text","content":"1.5 GW of solar Power Purchase Agreements (\"PPAs\") signed since March 2022 with utilities, mainly SECI (1.4 GW), with projects to be located in Rajasthan0.5 GW of long-term agreements signed with corporate buyers; assets to be set up in states of Gujarat, Maharashtra, and RajasthanGURGAON, India, April 28, 2022 /PRNewswire/ -- ReNew Power (\"ReNew\" or \"the Company\") (NASDAQ: RNW) (NASDAQ: RNWWW), India's leading renewable energy company, today announced it has signed five solar PPAs with Solar Energy Corporation of India (\"SECI\") and Punjab State Power Corporation Limited (\"PSPCL\"), as well as multiple long-term purchase agreements with corporate buyers together totalling around 2 GW.\nThis has seen the company's gross total portfolio jump to ~12.1 GW from 10.2 GW at the beginning of this calendar year.\nThe new utility solar projects will be located in the western state of Rajasthan and have flat tariffs over 25 years. Four solar PPAs have been signed with SECI, an entity owned by the Government of India that has a AA+ domestic debt rating by ICRA, a subsidiary of Standard & Poor's. The fifth PPA is with PSPCL.\nTwo PPAs of 600 MW and 375 MW are under the SECI Rajasthan IV scheme, where ReNew will supply electricity at ₹ 2.18/kWh (~US 2.9* ¢/kWh). The other two PPAs with SECI for 300 MW and 100 MW** are under the SECI IX scheme and have a tariff of ₹ 2.37/kWh (~US 3.1 ¢/kWh). ReNew recently acquired a beneficial interest in the 300 MW (SECI IX) and 375 MW (SECI Rajasthan IV) projects, subject to the terms of the respective PPAs.\nFor the PSPCL PPA of 100 MW, ReNew will supply electricity at ₹2.33/kWh (~US 3.0 ¢/kWh). All the projects are expected to be commissioned by the fourth calendar quarter of 2023.\nCorporate buyers have signed long-term agreements with ReNew for the purchase of clean energy or renewable energy credits for approximately 0.5 GW (491 MW), with energy tariffs ranging between ₹ 3.06 - ₹ 3.95/kWh (~US 4.0 ¢/kWh – ~US 5.2 ¢/kWh). The corporates include a large US-based global tech major, Grasim Industries (part of the Aditya Birla Group), and Netmagic (a subsidiary of NTT Communications, Japan). This takes ReNew's overall corporate portfolio to over 900 MW, making it one of the largest renewable energy solutions providers for corporates.\nSpeaking about the recent spate of PPA signings, Chairman and CE...