Mitsui to invest in ReNew Power’s RTC project

ReNew Power has finalised a partnership with Japanese conglomerate Mitsui & Co Limitedunder which latter will invest in round-the-clock (RTC) renewable power projectbeing developed by ReNew.

The RTC project will consist of three newly built wind farms and one solar plus battery storage farm (1,300 MW in total plus up to 100 MWh battery storage) across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 MW electricity to the Solar Energy Corporation of India (SECI). The project’s commercial operations are expected to begin in the third calendar quarter of 2023.Under the 25-year power purchase agreement (PPA)for the projectwith SECI, electricity will be supplied at Rs 2.90 per kWh, which will increase by 3 per cent annually for 15 years after which it will stabilise for remaining period of the project.