DCM Shriram has agreed to source 50 MW of renewable energy from ReNew Power for its manufacturing facility situated in Bharuch, Gujarat. The companies have signed captive power agreements (CPAs) to supply 50 MW of renewable energy from ReNew Power. The CPA has been signed for 25 years and will help in mitigating around 225,000 tonnes of carbon emissions annually.
It is anticipated that the 50 MW hybrid project, which has a backend wind and solar output potential of about 100 MW will produce over 250 million units of renewable energy annually only for the DCM Shriram factory in Bharuch. ReNew will establish the two hybrid projects with a combined investment of roughly Rs 8 billion through an equity partnership of around Rs 630 million by DCM Shriram Ltd.
Recently in June 2022, ReNew Power announced that it will increase its module manufacturing capacity from the initially anticipated 4 GW to 6 GW. An estimated $325 million to $350 million in capital expenditures are anticipated for this expansion in its module manufacturing capacity.