ReNew signs 2.2 GW of PPAs, including 1 GW of FDRE

ReNew on Thursday said that it has signed five Power Purchase Agreements (PPAs) totalling around 2.2 gigawatts (GW) of Renewable Energy (RE) capacity expanding its fully contracted renewable energy portfolio

Post the inking of PPAs, ReNew’s overall portfolio now stands at 15.6 GW. In addition, it has also received Letter of Awards (LoAs) for an additional around 5.8 GW of RE capacity.

Of the five PPAs, ReNew signed three solar PPAs totalling 800 MW with NTPC, Damodar Valley Corporation (DVC) and Solar Energy Corporation of India (SECI) at a weighted average tariff of ₹2.59 per kWh, the Nasdaq-listed firm said.

Around 1 GW of Firm and Dispatchable Renewable Energy (FDRE) PPA was signed with SJVN at a tariff of ₹4.39 per kWh. These PPAs signed with central government utilities further strengthen the company’s counterparty profile. It also added 438 MW PPA with a large multinational C&I customer, it added.

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 megawatt (MW) of solar and 688 MW of wind projects and are expected to be commissioned over the next 24 months.

“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,” ReNew Chairman and CEO Sumant Sinha said.

Established in 2011, ReNew has been playing a significant role in greening the Indian economy over the past decade. With an operational capacity of around 9.5 GW, it will annually generate about 21 billion units of clean electricity, enough to power around 6 million households and help avoid about 17 million tonnes of CO₂ emissions annually.

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