ReNew Power enters solar sector with 50-MW plant in India
Jun 20, 2014 - Indian wind farms operator ReNew Power Ventures Pvt Ltd plans to enter the solar power segment by building a 50-MW solar park in the state of Madhya Pradesh.
The company, which is backed by US investment bank Goldman Sachs Group Inc (NYSE:GS), has recently entered into a 20-year power purchase agreement (PPA) with the state government for the entire output of the plant, chairman and CEO, Sumant Sinha said, as quoted by the Hindu Business Line on Wednesday.
ReNew’s head told the paper that the firm will receive INR 6.90 (USD 0.115/EUR 0.084) per kWh of generated electricity under the long-term contract. The solar farm is expected to start power production in six months.
Sinha noted that ReNew is not receiving the generation-based incentive.
The current portfolio of the Indian company includes some 470 MW of wind capacity. Its goal is to increase that to 1,000 MW by next year.