ReNew to supply solar power to GUVNL

ReNew, a subsidiary of ReNew Energy Global is set to supply solar power of capacity 200 MW to Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff of Rs 2.71 per kWh.

Four companies namely ReNew, Avaada Energy, Solarcraft Power India 21 and Mahindra Susten were emerged as winners in the auction held by GUVNL (Phase XIX) on February 4, 2023, for grid- connected solar projects of 500 MW. The projects are being developed across India with an additional greenshoe option of 500 MW.

Avaada Energy was awarded 140 MW at a rate of Rs 2.75 per kWh while Solarcraft Power and Mahindra Susten were awarded capacities of 60 MW and 100 MW, respectively, at a rate of Rs 2.74 per kWh. Among the four winners, ReNew quoted the lowest tariff of 2.71 per kWh. Additionally, equal capacities were allotted to each of the companies under the greenshoe option at a tariff of Rs 2.71 per kWh.

Recently, in July 2023, ReNew and Gentari Renewables India announced plans to set up equal joint venture to develop 5 GW capacity of wind, solar and energy storage projects. As a part of this joint venture, ReNew has put together a capital investment plan for Rs 350 billion.

In the same month, ReNew inked MoUs totalling Rs 640 billion with REC Limited and Power Finance Corporation Limited for green energy projects.