ReNew Power, India's Leading Renewable Energy Company, Announces the Commissioning of 105 MW Solar Generation Project

Rhea-AI Summary

ReNew Power, India's leading renewable energy company, has successfully commissioned a 105 MW solar facility in Gujarat, enhancing its operational solar capacity in the state to 145 MW and total capacity to 4.7 GW across India. The project is backed by a 25-year power purchase agreement with GUVNL at a rate of Rs 2.68/kWh. This commissioning, part of over 500 MW in renewable projects announced since March, aligns with India's goal of achieving 450 GW of clean energy by 2030. ReNew is also set for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB).

Positive

• Commissioned a 105 MW solar project in Gujarat, increasing operational solar capacity to 145 MW in the state.
• Total solar capacity now stands at 4.7 GW across India.
• 25-year power purchase agreement with GUVNL at Rs 2.68/kWh ensures stable revenue.
• Part of a larger strategy, with over 500 MW of renewable projects announced since March.
• Aligns with India's target of 450 GW of clean energy by 2030.

Negative

• None.

GURGAON, India, April 21, 2021 /PRNewswire/ -- ReNew Power ("ReNew", or "the Company"), India's leading renewable energy company, announced that it has commissioned a 105 megawatt (MW) solar generation facility in the Indian state of Gujarat.

The project has a 25-year power purchase agreement with the Gujarat Urja Vikas Nigam Limited (GUVNL) to provide clean electricity to the state of Gujarat at a tariff of Rs 2.68/kWh (US$0.036/kWh). ReNew will deploy advanced mono perc solar modules with seasonal tilt structure design as part of the project to ensure greater generation efficiency and maximum utilization of assets at the solar farm.

This project located in the Patan District of Gujarat, takes ReNew's total operational solar capacity in Gujarat to 145 MW and total aggregate Solar capacity to 4.7 GW across India. Since March, ReNew Power has announced commissioning of over 500 MW (300 MW in Gujarat, 110 MW in Rajasthan and now 105 MW) of combined wind and solar energy projects.

Speaking about the Gujarat solar farm project, Founder, Chairman and CEO of ReNew Power, Mr. Sumant Sinha said, "The 105 MW Gujarat project commissioning is a significant step forward for ReNew Power. The project has been commissioned amidst a COVID-19 surge and reflects the commitment of our team to contribute towards India's ambition of achieving 450 GW of clean energy by 2030."

As previously announced, ReNew Power 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.

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 December 31^st 2020, 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 contains several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA

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.

Press Enquiries

Arijit Banerjee
arijit.banerjee@renewpower.in  
+91 9811609245

Madhur Kalra
Madhur.kalra@renewpower.in 
+91 9999016790

Investor Enquiries
Caldwell Bailey
ICR Inc.
IR@renewpower.in  

 

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SOURCE ReNew Power Private Limited

FAQ

What is the significance of ReNew Power's 105 MW solar project in Gujarat?

The project, commissioned under a 25-year agreement, enhances ReNew's solar capacity and contributes to India's clean energy goals.

How much total solar capacity does ReNew Power have after the new project?

ReNew Power's total solar capacity has reached 4.7 GW across India.

What are the financial terms of the power purchase agreement for the Gujarat solar project?

The project has a power purchase agreement at Rs 2.68/kWh with Gujarat Urja Vikas Nigam Limited.

When is ReNew Power expected to become a publicly listed company?

The business combination with RMG Acquisition Corporation II is expected to complete in the second quarter of 2021.

How many MW of renewable projects have been announced by ReNew Power recently?

ReNew Power has announced over 500 MW of renewable projects since March.