New Delhi: ReNew Energy on Thursday mentioned it has signed definitive agreements to accumulate working wind and photo voltaic property of 527.9 MW. It has additionally signed an influence buying settlement with Maharashtra State Electrical energy Distribution Firm Restricted (MSEDCL) for a 200 MW photo voltaic mission.
The entire enterprise worth of those agreements is round ₹30 billion ($388 million) and is anticipated to generate full-year FY23 EBITDA of about ₹3.95-4.24 billion ($ 51-55 million).
“Each offers see the corporate’s gross whole portfolio soar over 25% to 12.8 GW from 10.2 GW firstly of 2022,” mentioned an organization assertion.
The acquired 527.9 MW, comprising 471.65 MW of wind and 56.25 MW of photo voltaic property, is unfold throughout eight Indian states.
The transactions are anticipated to be closed within the second quarter of the continuing monetary yr (FY23), however ReNew will obtain money flows generated from the property from 1 April, 2022.
The agreements embrace energy buy pacts with state distribution corporations in Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu, 25 MW of PPAs with company prospects.
For the PPA with MSEDCL, ReNew will provide electrical energy at ₹2.43/kWh for 25 years. The asset can be in Rajasthan and supply electrical energy to Maharashtra. The mission is anticipated to be commissioned by This fall FY24.
Sumant Sinha, chairman and CEO, ReNew, mentioned: “The clear vitality transition in India should occur at an more and more speedy tempo to fulfill and inexperienced the increasing vitality necessities of the nation, and to strengthen its longerterm vitality safety. Given the latest electrical energy shortages and blackouts, prospects are much more eager to signal new energy agreements to make sure future provide,” he added.
ReNew is among the largest renewable vitality impartial energy producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind vitality, photo voltaic vitality, and hydro initiatives.
As of 31 Could, ReNew had a gross whole portfolio of 12.8 GW of renewable vitality initiatives throughout India, together with commissioned and dedicated initiatives, the corporate mentioned.
Supply: Live Mint