ReNew Power wins auction for supplying RTC power at 2.90 per unit bid

ReNew Power has won India’s first e-reverse auction for supplying 400 MW renewable energy round the clock, quoting the lowest tariff of Rs 2.90 per unit. The company has quoted a 3 per cent annual escalation for the first 15 years of the 25-year term of the PPA. It is estimated that the levellised tariff would be around Rs 3.60 per unit, which is currently the average power purchase cost from non-renewable sources in the country. The power generated by the project will be supplied to New Delhi Municipal Corporation, Daman and Diu, and Dadra and Nagar Haveli. Under the terms of agreement, 80 per cent capacity utilisation annually and 70 per cent plant load factor will have to be maintained every month, throughout the tenor of the PPA. The scheduled commissioning date for the full capacity of the project will be 24 months from the effective date of the PPA. In a separate development, ReNew Power is in talks with investors to sell its 300 MW solar assets in Karnataka. The company is in talks with GIC and Canada Pension Plan Investment Board, (CPPIB) among various other investors. The company is likely to raise Rs 15 billion through the sale at a valuation of Rs 50 million per MW.