Mitsui invests in the project of ReNew Power, Auto News, ET Auto

New Delhi: Japanese conglomerate Mitsui has agreed to take a 49% stake in ReNew Power’s 24-hour renewable energy project, the Indian company announced on Wednesday. ReNew signed a 400 MW round-the-clock (RTC) PPA last year to supply power to the Solar Energy Corporation of India (SECI). For the 400 MW Power Purchase Agreement (PPA), the company will install 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage.

“ReNew Power has finalized a partnership with Mitsui & Co Ltd, one of the world’s leading general trading and investment companies.

“The partnership will see Mitsui invest in the RTC renewable energy project developed by ReNew,” the company said in a statement.

He did not give financial details of the deal.

The RTC project will comprise three newly constructed wind farms and a solar plus battery storage farm (1,300 MW in total plus up to 100 MWh of battery storage) in the states of Rajasthan, Karnataka and Maharashtra, and will supply 400 MW electricity to SECI, an entity owned by the Indian central government.

Commercial operations of the project are expected to commence in the third calendar quarter of 2023.

ReNew, through its subsidiaries, will also undertake EPC, O&M and project management for the RTC project.

“The 25-year PPA for the project, the first renewable energy PPA of its kind in India, was signed last year with SECI to supply power at Rs 2.90 per kWh (or unit), which will increase by 3% annually for 15 years, after which it will stabilize for the remaining period of the project,” the statement said.

India, the world’s third largest emitter of greenhouse gases, pledged last year at the COP26 summit in Glasgow to reach 500 GW of installed capacity from non-fossil fuels by 2030 and to source 50% in energy from renewable energies. by then.

The RTC project will contribute to this objective and support the government’s policy to develop the renewable energy sector as part of the country’s historic clean energy transition.

“The RTC project, the first of its kind in India, provides renewable electricity 24 hours a day, 7 days a week, at lower cost and without emissions. We are proud to partner with Mitsui, a leading global conglomerate, to support India’s green energy transition and look forward to strengthening this partnership in the future,” said Sumant Sinha, Founder, Chairman and CEO of ReNew Power.

Ryoichiro Uno, Managing Director for India, Middle East and Africa Infrastructure Projects at Mitsui, said, “Our mission is to build a better future for people around the world through infrastructure development.”

“We see India as an extremely promising market for many reasons, including its strong economic growth and its strong commitment to decarbonization. Through this project, Mitsui will accelerate India’s clean energy transition with ReNew and contribute to the successful development of the project by leveraging our extensive global experience in energy project development, as well as our extensive business network across all sectors.” , said Ryoichiro Uno.

ReNew develops, builds, owns and operates large-scale wind and solar energy projects, as well as hydroelectric projects.

As of February 1, 2022, it had a total portfolio of 10.2 GW of renewable energy projects across India, including commissioned and committed projects.

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