ReNew Power 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.
The 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. The fifth PPA is with PSPCL.
Two PPAs of 600 MW and 375 MW are under the SECI Rajasthan IV scheme, where ReNew will supply electricity at
2.18/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. 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.
For the PSPCL PPA of 100 MW, ReNew will supply electricity at ` 2.33/kWh. All the projects are expected to be commissioned by the fourth calendar quarter of 2023.
Speaking about the recent spate of PPA signings, Chairman and CEO of ReNew, Sumant Sinha, said, “ReNew is at the vanguard of India’s clean energy transition. We believe that our vertical integration, combined with our scale and ability to offer customized intelligent energy solutions, allows us to win projects and provide returns in line
with our targets.”