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ReNew Signs PPA’s for 1475 MW of Solar Power, Corporate Purchase Agreements for 491 MW

ReNew Power has signed five Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) and Punjab State Power Corporation Ltd (PSPCL), for the supply of 1,475 MW solar power. The company has also signed long-term purchase agreements with corporate buyers for the supply of 491 MW.

Out of the five PPAs, four have been signed with SECI and one with PSPCL. Two PPAs, one of 600 MW and 375 MW fall in the SECI Rajasthan IV scheme, for which power will be supplied at Rs. 2.18 per KWh. Other two PPAs with SECI for 300 MW and 100 MW are under the SECI IX scheme for which power will be supplied at Rs 2.37 per KWh. With PSPCL, ReNew has signed a PPA for 100 MW power supply at Rs 2.33 per KWh. Power for these projects will be supplied at a flat rate for 25 years from solar plants in Rajasthan, which will be commissioned by fourth calendar quarter of 2023.

ReNew Power has also signed long-tern purchase agreements for clean energy with corporates, which include US-based Grasim Industries (Aditya Birla Group), and Netmagic, a subsidiary of NTT Communications, Japan. Energy tariffs for corporate buyers range between Rs 3.06 to Rs 3.95 per KWh.