Japanese conglomerate Mitsui to invest in ReNew Power’s RTC project

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ReNew Power on Wednesday said Japan’s trading firm Mitsui & Co will invest in the Indian firm’s round-the-clock renewable energy project aggregating 1,300 Mw and 100 MWh battery storage.

ReNew Power last year signed 400 Mw round-the-clock (RTC) power purchase agreement 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.

The RTC project consists of three newly built wind farms and one solar plus battery storage farm across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 MW electricity to SECI, an official statement said.

The project’s commercial operations are expected to start in the third calendar quarter of 2023. ReNew, through its affiliates, will also undertake Engineering, Procurement and Construction (EPC), Operation & Maintenance (O&M), and project management for the round-the-clock project.

The 25-year power purchase agreement for the pilot RTC project was signed for supplying electricity at Rs 2.90/kWh, which will increase by 3% annually for 15 years after which it will stabilise for remaining period of the project.

“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 transition and look forward to strengthening this partnership in the future,” Sumant Sinha, chairman and CEO of ReNew Power said.

“Through this project, Mitsui will accelerate India’s clean energy transition together with ReNew, and contribute to the project‘s successful development by leveraging our extensive global experience in power project development, as well as our wide-ranging business network across industries. We look forward to expanding Mitsui’s further collaboration with ReNew beyond this RTC project in India,” Ryoichiro Uno, General Manager in charge of infrastructure projects in India, Middle East, and Africa of Mitsui, said.