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ReNew said on Thursday that it has commissioned its first interstate transmission project, the Koppal Transmission Scheme, which will help in the transmission of 1,500 megawatts (MW) of renewable energy in the Koppal Area of Karnataka.
The Koppal Transmission Scheme was awarded in FY22 and covers the construction of a new 400/220 kv sub-station at Koppal along with 276 circuit km of 400 kV D/C quad moose transmission line with the extension of the 400 kV GIS Bays at the PGCIL Narendra (New) substation, the NASDAQ-listed firm said.
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Following the commissioning of the 1,500 MW Koppal Transmission Scheme, the remaining transmission for 3,500 MW is expected to be completed by June 2024, it added.
After the announcement, an agreement was signed on Wednesday on the second joint investment in the transmission sector with Norfund, the Norwegian government’s investment fund for developing countries and KLP, Norway’s largest pension company, through their joint company KNI India AS.
Investments
Norfund’s share is from Norway’s newly established Climate Investment Fund, managed by Norfund. This marks Norfund’s and the Climate Investment Fund’s ongoing support in the transmission sector, helping to accelerate the transition to renewable energy, ReNew said.
The investment by Norfund and KLP in ReNew’s transmission projects is in line with ReNew’s farm-down strategy, enabling it to add further capacity, it added.
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“In addition, synergies in project execution and operations with ReNew’s in-house capabilities and the role of these projects in enabling earlier commissioning of renewable energy projects, will enhance returns and derisk completion timelines for ReNew’s core RE development business,” the firm said.
Transmission projects
ReNew has won 3 transmission projects in Karnataka to date under ISTS. Its transmission projects are part of the ISTS for transmission of 5 gigawatts (GW) of wind and solar power potential identified in Karnataka under Phase-I for implementation and interconnection with the ISTS grid, for 35 years.
The Central Transmission Utility will be responsible for billing, collection and disbursement of the revenue for these transmission projects.
The agreement to invest in the Gadag project for a 49 per cent stake is the second investment in the partnership, with an ambition for further joint investments.
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