ReNew Announces The Signing Of 5 Power Purchase Agreements Totaling ~2.2 GW Of RE Capacity, Expanding Its Fully Contracted Renewable Energy Portfolio
- Our first FDRE PPA signed with SJVN for RE development of ~1 GW
- 15.6 GW RE portfolio is one of the largest globally
ReNew, India's leading renewable energy company (NASDAQ:RNW), has announced the signing of five Power Purchase Agreements (PPAs) totaling ~2.2 GW of RE capacity, significantly expanding its fully contracted renewable energy portfolio. ReNew's overall portfolio now stands at 15.6 GW, consolidating its position as a major player in India's green energy transition. In addition, ReNew has received Letter of Awards for an additional ~5.8 GW of RE capacity.
Of the five PPAs, ReNew signed three solar PPAs totaling 800 MW with NTPC Limited ("NTPC"), Damodar Valley Corporation ("DVC"), and Solar Energy Corporation of India Limited ("SECI") at a weighted average tariff of INR 2.59 per kWh. In addition, a ~1 GW Firm and Dispatchable Renewable Energy ("FDRE") PPA was signed with SJVN Limited ("SJVN"), at a tariff of INR 4.39 per kWh. These PPAs signed with central government utilities further strengthen our counterparty profile. We also added 438 MW PPA with a large multinational C&I customer.
These agreements provide visibility and predictability of significant future growth at returns above the threshold levels. Combined, these PPAs will involve development of 1,500 MW of solar and 688 MW of wind projects and are expected to be commissioned over the next 24 months.