ReNew Power’s portfolio grows 20% in Q1 2022

The company now has around 12GW in its portfolio.

ReNew Power reported its portfolio grew 20% to around 12 gigawatts (GW) in the first quarter of the year after signing five solar power purchase agreements (PPAs).

The company has two PPAs with the Solar Energy Corporation of India (SECI) which will add 600 megawatts (MW) and375MW of solar. Electricity supply from this project will cost consumers approximately US$2.9 cents per kilowatt-hour (kWh).

The other two PPAs with SECI will provide an additional 300MW and 100MW. On top of this, ReNew acquired a beneficial interest in the 300MW SECI IX and 375MW SECI Rajasthan IV projects.

The remaining 100MW is under ReNew’s PPA with the Punjab State Power Corporation Limited.

All the projects are expected to be commissioned by the last quarter of 2023, ReNew noted.

“The addition of ~1.9 GW comfortably above our threshold returns is a testament to ReNew’s competitive advantages,” Chairman and CEO of ReNew Sumant Sinha said.

“With this ramp-up in total portfolio addition, ReNew is proud to very much remain at the centre of national efforts to meet India’s ambitious climate goals, set by Honourable Prime Minister Narendra Modi at COP26.”

This followed ReNew’s announcement that Mitsui & Co. Ltd. will be investing in its 1.3GW round-the-clock renewable energy project.

It has also formed a joint venture with Indian Oil Corporation and Larsen & Toubro for the development of green hydrogen capacity in India.