Renewable Energy- Solar Panels together with Wind generators

Mitsui, a Japanese conglomerate, has agreed to take a 49% stake in ReNew Power’s round the clock renewable vitality challenge, the Indian agency introduced on Wednesday. The firm will set up 1,300 MW of renewable vitality capability and as much as 100 MWh of battery storage for the 400 MW PPA (Power Purchase Agreement).

“ReNew Power has finalized a partnership with Mitsui & Co Ltd, a leading global general trading and investment firm,” the corporate mentioned in a press release. “The partnership will see Mitsui invest in the RTC renewable energy project being developed by ReNew.”

It didn’t present monetary details about the transaction. The RTC challenge will encompass three newly constructed wind farms and one photo voltaic plus battery storage farm (1,300 MW complete plus as much as 100 MWh battery storage) unfold throughout the Indian states of Rajasthan, Karnataka, and Maharashtra, and can provide 400 MW of electrical energy to SECI, an Indian central government-owned entity.

Commercial operations for the challenge are anticipated to start within the third calendar quarter of 2023. ReNew can even deal with EPC, O&M, and challenge administration for the RTC challenge by way of its associates.

“The 25-year PPA for the project, the first-of-its-kind renewable energy PPA in India, was signed last year with SECI for supplying electricity at Rs 2.90 per kWh (or unit), which will increase by 3% annually for the first 15 years, after which it will stabilize for the remainder of the project,” based on the assertion.

India, the world’s third-largest emitter of greenhouse gases, dedicated final 12 months on the COP26 summit in Glasgow to succeed in 500 GW of non-fossil fuel-based put in capability by 2030, and to supply 50% of all its vitality from renewables by then.

The RTC challenge will contribute to this purpose by supporting the federal government’s coverage of increasing the renewable vitality sector as a part of the nation’s historic clear vitality transition.

“The RTC project, India’s first of its kind, provides low-cost, emission-free renewable energy 24 hours a day, seven days a week. We are pleased to be working with Mitsui, a leading global conglomerate, to support India’s green energy transition, and we look forward to expanding our collaboration in the future” ReNew Power’s founder, chairman, and CEO, Sumant Sinha, acknowledged.

“Our mission is to build brighter futures for people all over the world through infrastructure development,” mentioned Ryoichiro Uno, Mitsui’s General Manager answerable for infrastructure tasks in India, the Middle East, and Africa.

“We see India as a very promising market for a variety of reasons, including its rapid economic growth and a strong commitment to decarbonization. Mitsui, in collaboration with ReNew, will accelerate India’s clean energy transition and contribute to the project’s success by leveraging our extensive global experience in power project development, as well as our broad business network across industries, through this project,” Ryoichiro Uno acknowledged this.

ReNew develops, constructs, owns and operates utility-scale wind and photo voltaic vitality tasks, in addition to hydroelectric tasks. It had a complete portfolio of 10.2 GW of renewable vitality tasks throughout India as of February 1, 2022, together with commissioned and dedicated tasks.


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