ReNew Signs 2.2 GW of PPAs Boosting its Clean Energy Portfolio to 15.6...

Your unfiltered news center. ®

The world you see depends upon the news you get. ®

HOME

ARTS

RSS

Today's Date: May 20, 2024

35TH ANNIVERSARY BROADCAST OF AN AMERICAN TRADITION: PBS' NATIONAL MEMORIAL DAY CONCERT LIVE FROM THE U.S. CAPITOL • Children's Literacy Initiative Appoints New Director of Philanthropy, Elevating Commitment to Educational Equity • SES to Participate in Water Tower Research Fireside Chat on May 22, 2024 • Xiao-I Corporation Launches Its New Product "Hearview"- "AI Empowered Glasses for Deaf People" - Promoting a More Inclusive Soci • XCMG Machinery Unveils Groundbreaking ESG Report, Marking a Milestone in Sustainable Business Development • Dillard’s, Inc. Announces $0.25 Cash Dividend • Operation Homefront Receives National Recognition for Impact and Innovation Campaigns • Central Ohio Urology Group Opens New Interventional Radiology Center with Leading-Edge Men’s Health Initiative for Enlarge • Angels Helpers NYC 2024 Charity Gala Raises Funds for Harlem School of the Arts, Highbridge Voices • Veteran-Owned Startup Adds First-of-its-Kind Tipping Feature to Benefit Employees and Customers • Feminine Hygiene Products Market size is set to grow by USD 14.44 bn from 2024-2028, increasing in aggressive marketing by vendo • The AZEK Company Receives NYSE Notice Regarding Filing of Form 10-Q for the Fiscal Quarter Ended March 31, 2024 • Red Door Community Raises more than $300,000 at Their Annual Luncheon Celebrating Women Working and Living with Cancer • Archer Aviation Partners With Etihad Aviation Training For eVTOL Pilot Training Operations Based In Abu Dhabi • SolarEdge’s Annual Sustainability Report Highlights 40M Metric Tons of CO2e Avoided Annually Through Usage of its Solar So • Lulus Announces New Capsule With Boys Lie, Bringing the Brand to Lulus Shoppers for First Time • Target Will Help Consumers Save Big by Lowering Prices on 5,000 Frequently Shopped Items • SUNRATE joins Mastercard's Priceless Planet Coalition • ADNOC Secures Equity Position and LNG Offtake Agreement in NextDecade’s Rio Grande LNG Project • KKR Provides $300 Million Corporate Credit Facility to Origis Energy

www.blackradionetwork.com > ReNew Signs 2.2 GW of PPAs Boosting its Clean Energy Portfolio to 15.6 GW

ReNew Signs 2.2 GW of PPAs Boosting its Clean Energy Portfolio to 15.6 GW

GURGAON, India , May 09 /Businesswire/ - 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.

"We are thrilled to announce the signing of these significant PPAs," said Sumant Sinha, Founder, Chairman and CEO, ReNew. "This achievement reflects our unwavering commitment to India's renewable energy goals and strengthens our position as a leading green energy provider. 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."

The company's expansion of its operating capacity comes as India targets to achieve 500 GW of non-fossil fuel energy capacity and reduce its projected carbon emissions by one billion tonnes by 2030. 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 - enough to power ~6 million households and help avoid ~17 million tonnes of CO2 emissions annually.

About ReNew:

ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~15.6 GW on a gross basis as of May 09, 2024, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.