ReNew Power inks 400 MW wind, solar PPA for 24/7 supply in India
Solar panels in India's Rajasthan state. Image by: Yinson Holdings Berhad.
India’s ReNew Power Pvt Ltd said on Saturday it has signed a power purchase agreement (PPA) to supply 400 MW of renewable power round-the-clock (RTC) to state-owned Solar Energy Corporation of India (SECI).
To service the contract, ReNew Power estimates it will need 900 MW of wind capacity and 400 MW of solar, supplemented by battery storage, as a typical solar or wind firm power project in India has a lower plant load factor (PLF) depending on site and technology selection, the company explained.
The overall project, designed to maintain an 80% PLF, will require a total investment of about USD 1.2 billion (EUR 847m). ReNew Power will build the plants across the states of Karnataka, Maharashtra and Rajasthan.
Secured through a tender held by SECI in 2020, the 25-year PPA has a tariff of INR 2.90 (USD 0.039/EUR 0.033) per kW for the first year. The price will go up by 3% annually for the first 15 years, stabilising in the remaining 10 years.