ReNew to invest $1.2 billion for round-the-clockRE supply

Renew Power has signed a power purchase agreement (PPA) with theSolar Energy Corporation of India Limited (SECI)for400 MW round-the-clock (RTC) electricity supply.

ReNew Power anticipates the 400 MW RTC project will require 900 MW of wind capacity, 400 MW of solar capacity, which will be supplemented by battery storage, for a project cost of $ 1.2 billion. The project will be set up across Karnataka, Maharashtra and Rajasthan. ReNewPower had won the bid to supply RTC powerin May 2020 in a tender issued by the SECI quoting a tariff of Rs 2.90 per unit for the first year. The tender provides for a 3 per cent tariff escalation annually for 15 years and then stabilisation of tariff for the remaining 10 years of the 25-year contract.

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