ReNew Power, a leading renewable energy company in India, will acquire an operating wind and solar portfolio of 527.9 MW for $388 million.
ReNew Power will be buying 471.65 MW of wind and 56.25 MW of solar assets spread across eight Indian states – enhancing total portfolio to 12.8 GW from 10.2 GW. ReNew Power did not reveal the name of the seller.
ReNew Power has also signed a PPA with MSEDCL for a 200-MW solar project. The agreements have PPAs with state distribution companies in Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu, plus 25 MW of PPAs with corporate customers, and have an average remaining life of 17 years.
For the MSEDCL PPA, ReNew will supply electricity at ₹2.43/kWh (~US 3.1 ¢/kWh) for 25 years. The asset will be in Rajasthan and provide electricity to Maharashtra. The project is expected to be commissioned by Q4 FY24.
Sumant Sinha, Chairman and CEO, ReNew, said in a news statement: “The clean energy transition in India must happen at an increasingly rapid pace to meet — and green — the expanding energy requirements of the country, and to strengthen its longer-term energy security.”