GURGAON, July 20, 2021
/PRNewswire/ -- ReNew Power ("ReNew", or "the Company"),
India's leading renewable energy
company, announced that it has won a 200 megawatt (MW/ac)
Interstate Transmission System (ISTS) solar generation project in
an auction conducted by the Maharashtra State Electricity
Distribution Company Limited (MSEDCL) which has a credit rating of
"A" by ICRA (a Moody's company).
ReNew Power expects to sign a 25-Year Power Purchase Agreement
with the utility by the third fiscal quarter of 2022 to supply
clean energy to Maharashtra at a tariff of Rs 2.43/ kWh (~US$0.033). The project is expected to be
constructed in Gujarat or Rajasthan and ReNew Power is looking to
deploy high efficiency Mono Perc modules with string inverters
along with domestically manufactured modules from its own
manufacturing facility. The plant is expected to be completed by
the first fiscal quarter of 2024.
Speaking about the win, ReNew's Founder, Chairman and CEO,
Mr. Sumant Sinha said, "Our win
of the 200 MW MSEDCL project at an expected return comfortably
above our threshold in an oversubscribed auction is a testament to
ReNew's competitive advantage. This project also marks a
significant step forward for ReNew Power as it will be the first
project where we will deploy modules from our manufacturing
facility in Gujarat. In addition, our differentiated vertically
integrated business model and use of our proprietary monitoring and
analytical technology enable the performance of our assets to be
best in class further establishing ReNew as the leader in Indian
renewables."
About ReNew Power: ReNew is India's leading renewable energy independent
power producer (IPP) by capacity and is the 10th 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 March 31, 2021, ReNew Power had a total capacity
of close to 10 GW of wind and solar energy projects across
India, including commissioned and
committed projects from organic and inorganic growth opportunities.
ReNew's current group of stockholders contain several marquee
investors including Goldman Sachs, CPP Investments, Abu Dhabi
Investment Authority, GEF SACEF and JERA.
As previously announced, ReNew Energy Global Plc 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 third quarter of the current Year 2021.
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.
View original
content:https://www.prnewswire.com/news-releases/renew-power-indias-leading-renewable-energy-company-wins-200-mws-in-msedcl-solar-auction-301337921.html
SOURCE ReNew Power Private Limited