ReNew Power Announces New Affiliate Relationship with the Precourt Energy Institute's 'StorageX Initiative' for New Energy Storage System Technology Development

Rhea-AI Summary

ReNew Power has partnered with Stanford University's Precourt Institute for Energy and its StorageX Initiative to address battery storage challenges in India. This collaboration aims to enhance grid-level battery performance, crucial for stable renewable power delivery. ReNew's membership in the Stanford Energy Corporate Affiliate program allows access to advanced research and technology. The company has already achieved significant milestones, including winning India's first renewable power auction combined with energy storage for peak supply, showcasing its commitment to meeting India's 2030 renewable capacity goals.

Positive

• Collaboration with Stanford's StorageX will enhance battery storage technology.
• Access to world-class research through the Stanford Energy Corporate Affiliate program.
• Winning India's first auction for renewable power combined with energy storage demonstrates ReNew's market leadership.

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• None.

GURGAON, India, June 8, 2021 /PRNewswire/ -- ReNew Power ("ReNew" or "the Company"), India's leading renewable energy company, today announced a collaboration agreement with the Precourt Institute for Energy at Stanford University and its StorageX Initiative ("StorageX"). StorageX is an academic-industry-government initiative that aims to solve the most pressing real-world challenges in battery storage. ReNew's collaboration with StorageX will focus initially on challenges surrounding grid level battery usage and performance in India, with an eye toward optimizing the performance of storage assets, and ultimately driving stable and firm power delivery to the grid.

ReNew will participate in StorageX through the Stanford Energy Corporate Affiliate (SECA) program, which facilitates interactions between organizations and Stanford faculty and graduate students across the full range of energy-related topics. Through its membership in the SECA program, ReNew will have access to world-class research and opportunities for collaboration on research, education and training.

Speaking about the affiliation, Founder, Chairman and CEO of ReNew Power, Mr. Sumant Sinha said, "The collaboration with Stanford's StorageX Initiative will broaden ReNew's field of vision and help us in recognizing promising new technologies quickly. Reliable renewable power generation in India is critical to meeting the government's goal of putting 450 gigawatts of renewable power online by 2030. ReNew is proud to work with Stanford's Precourt Institute for Energy in ensuring that economical and efficient energy storage technologies become critical in reducing the intermittency of renewable power in countries around the world."

Grid scale battery storage has emerged as a crucial enabler for solidifying India's long-term plans for firm, reliable electricity from grid-integrated renewable sources. The ability to deliver reliable power from renewable sources at peak and off-peak hours is critical to power distribution companies' plans to meet obligations for purchasing renewable power.

Recognizing this increasing importance, in January 2020, ReNew bid on and won India's first auction for renewable power generation combined with energy storage for guaranteed peak power supply capability. The 300 MW project was awarded by the Solar Energy Corporation of India.

Additionally, ReNew has also won a tender to provide 400 MW of "Round-the-Clock" power, through renewable sources. This tender, held in May 2020, was India's first to require "Round-the-Clock" reliable power generation from renewable sources. This project will use a combination of wind and solar renewable generation assets, along with storage technology, to provide annual capacity utilization of 80% - approximately double that of regular renewable energy generation projects.

About ReNew Power

ReNew Power Private Limited is India's leading renewable energy independent power producer (IPP) by capacity and is the 13th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of March 31st, 2021, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew has a strong track record of organic and inorganic growth. ReNew's current group of stockholders contain several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.

As previously announced, ReNew has entered into a definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB), a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.

For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power

No Offer or Solicitation

This press release is for informational purposes only and shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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SOURCE ReNew Power Private Limited

FAQ

What is the significance of ReNew Power's collaboration with Stanford's StorageX Initiative?

The collaboration aims to improve battery storage technology in India, enhancing the reliability of renewable energy delivery.

What recent achievements has ReNew Power accomplished in renewable energy auctions?

ReNew won India's first auction for renewable power generation combined with energy storage and secured a 400 MW 'Round-the-Clock' power tender.

What is the expected impact of ReNew Power's projects on India's renewable energy goals?

ReNew's projects are critical for meeting India's target of 450 GW of renewable power by 2030.

How much renewable energy capacity does ReNew Power currently have?

As of March 31, 2021, ReNew Power had a total capacity of nearly 10 GW across wind and solar projects.

What is the status of ReNew Power's business combination with RMG Acquisition Corporation II?

The business combination is expected to close in the second quarter of 2021, making ReNew a publicly listed company.