ReNew Power Commissions 300 MW Solar Plant in Karnataka

ReNew Power Limited, one of India’s largest renewable energy Independent Power Producer (IPP) has successfully commissioned its 300 MW solar power plant at the Pavagada Solar Park in the Tumkur district of Karnataka.

The 300 MW solar installation is now the company’s largest commissioned solar plant in the country in terms of capacity. The plant is expected to cut down on CO2 emissions by nearly 0.6 million tonnes every year.

Sumant Sinha, Chairman and Managing Director of ReNew Power said, “We take great pride in commissioning our state-of-the-art 300 MW solar power plant at Pavagada as we look to partner with the Government of Karnataka in harnessing the solar potential of the state. At ReNew, we are committed to providing efficient clean energy solutions to drive sustainable economic growth in India and do our bit to arrest climate change.”

Commenting on the distinguishing features of this solar plant, Parag Sharma, CEO of ReNew Power said, “This is the first utility-scale solar plant in India to use high-efficiency Mono PERC solar modules and is based on seasonal tilt technology with string inverters.”

“With the commissioning of this site, we have now increased our installed capacity in the 2000 MW Pavagada solar park to a total of 350 MW, reinforcing our status as one of the principal developers. The plant, during its construction phase, generated direct and indirect employment for around 1,500 people and will directly employ more than 100 people post commissioning.”

Recently, Ostro Power, a wholly-owned subsidiary of ReNew Power, has acquired two solar subsidiaries from Suzlon Energy for a combined Rs 29.8 crore. The two subsidiaries are the Shreyas Solarfarms limited and Aalok Solar farms Limited, which own a combined 30 MW capacity of solar power projects in Rajasthan.

In March, the IPP successfully concluded a green bond issue of $375 million. The five-year non-call two notes were offered at a yield of 6.67% per annum. The bond offering has been rated as BB by Fitch Ratings.