ReNew Power on Wednesday said Japan’s trading firm Mitsui & Co will invest in the Indian firm’s round-the-clock renewable energy project accumulating 1,300 Mw and 100 MWh battery storage.
ReNew Power last year signed 400 Mw round-the-clock power purchase agreement to supply electricity to Solar Energy Corporation of India. For the 400 Mw PPA, the firm will install 1,300 Mw of renewable energy capacity and up to 100 MWh of battery storage.
The RTC project consists of three newly built wind farms and one solar plus battery storage farm across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 MW electricity
to SECI, an official said.
The project’s commercial operations are predicted to start in the third calendar quarter of 2023. ReNew, through its affiliates, will also undertake EPC, O&M, and project management for the round-the-clock project.
The 25-year power purchase agreement for the pilot RTC project was signed for supplying electricity at Rs 2.90/kWh, which will rise by 3% annually for 15 years after which it will stabilise for remaining period of the project.
“The RTC project, the first of its kind in India, delivers the lowest cost and emission-free 24 X 7 renewable electricity. We are proud to partner with Mitsui, a foremost global conglomerate, to support India’s green energy transition and look forward to strengthening this partnership in the future,” Sumant Sinha, chairman and CEO of ReNew Power said.
“Through this project, Mitsui will quicken India's clean energy transition together with ReNew, and contribute to the project‘s successful growth by leveraging our extensive global experience in power project development, as well as our wide-ranging business network across industries. We look forward to expanding Mitsui’s further partnership with ReNew beyond this RTC project in India,” Ryoichiro Uno, General Manager in charge of infrastructure projects in India, Middle East, and Africa of Mitsui, said.