ReNew Power, India’s leading renewable energy company, has announced a strategic partnership with Mitsui & Co Limited, a global general trading and investment organisation. Mitsui will acquire 49 per cent of the stake in ReNew Power’s 400 MW round-the-clock (RTC) renewable energy project as part of the collaboration. The financial details of the acquisition were not disclosed.
Reportedly, the RTC project will include three newly constructed wind farms and one solar plus battery storage farm (1,300 MW total plus up to 100 MWh battery storage) spread across Rajasthan, Karnataka, and Maharashtra, and will provide 400 MW of electricity to Solar Energy Corporation of India Limited (SECI). Furthermore, the project will start commercial operations in the third calendar quarter of 2023. In 2021, the 25-year PPA for the project was signed with SECI at Rs 2.90 per kWh, with annual increases of 3 per cent for the first 15 years, after which it will stabilise for the remaining period of the project.
In January 2022, ReNew Power sold 138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy for Rs 6.72 billion. As per a company statement, after accounting for an outstanding debt of Rs 1.37 billion, the sale generated Rs 5.35 billion in cash. Furthermore, ReNew intends to focus more on major utility-scale projects.