ReNew Contracts 5 PPAs Worth 2.2 GW, 438 MW Corporate PPA

Underlining its continued progress with key objectives like a larger portfolio and inroads into the corporate PPA market, ReNew, one of India’s leading renewable energy companies, has announced the signing of five Power Purchase Agreements (PPAs) totaling ~2.2 GW of RE capacity. These significantly expand its fully contracted renewable energy portfolio that now stands at 15.6 GW.

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, 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 `its counterparty profile. It also added 438 MW PPA with a large multinational C&I customer.

According to ReNew, 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.

“We are thrilled to announce the signing of these significant PPAs,” said Sumant Sinha, Founder, Chairman and CEO, ReNew. “These agreements, with a strong counterparty profile, will not only contribute to a cleaner future but also deliver long-term financial benefits for ReNew and its shareholders.”

Established in 2011, ReNew has been playing a significant role in greening the Indian economy over the past decade. With an operational capacity of ~9.5 GW, ReNew will annually generate ~21 billion units of clean electricity