ReNew signs 2.2 GW PPAs, expands portfolio to 15.6 GW

New Delhi: ReNew, India’s leading renewable energy company, announced the signing of five Power Purchase Agreements (PPAs) totaling approximately 2.2 GW of renewable energy capacity, expanding its fully contracted renewable energy portfolio to 15.6 GW. ReNew has also received Letters of Award for an additional 5.8 GW of renewable energy capacity.

The five PPAs include three solar agreements totaling 800 MW with NTPC Limited, Damodar Valley Corporation, and Solar Energy Corporation of India Limited at a weighted average tariff of ₹2.59 per kWh. A 1 GW Firm and Dispatchable Renewable Energy (FDRE) PPA was signed with SJVN Limited at a tariff of ₹4.39 per kWh. ReNew also added a 438 MW PPA with a large multinational commercial and industrial customer.

“We are thrilled to announce the signing of these significant PPAs,” said Sumant Sinha, Founder, Chairman, and CEO, ReNew. “This achievement reflects our unwavering commitment to India's renewable energy goals and strengthens our position as a leading green energy provider. These agreements, with a strong counterparty profile, will not only contribute to a cleaner future but also deliver long-term financial benefits for ReNew and its shareholders.”

Combined, these PPAs will involve the development of 1,500 MW of solar and 688 MW of wind projects and are expected to be commissioned over the next 24 months. The company's expansion comes as India targets achieving 500 GW of non-fossil fuel energy capacity and reducing projected carbon emissions by one billion tonnes by 2030.

Established in 2011, ReNew has played a significant role in greening the Indian economy over the past decade. With an operational capacity of approximately 9.5 GW, ReNew will annually generate around 21 billion units of clean electricity, enough to power six million households and help avoid approximately 17 million tonnes of CO2 emissions annually.