Page 2 - Renew Power

Japan's Mitsui to take 49% stake in ReNew Power's power project

Japanese conglomerate Mitsui has agreed to take a 49 per cent stake in ReNew Power's round-the-clock renewable power project, the Indian firm said on Wednesday. ReNew signed a 400 MW Round-The-Clock (RTC) PPA last year to supply electricity to the Solar Energy Corporation of India (SECI). For the 400 MW PPA (Power Purchase Agreement), the company will install 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage. "ReNew Power has finalised a partnership with Mitsui & Co Ltd, a leading global general trading and investment firm. "The partnership will see Mitsui invest in the RTC renewable energy project being developed by ReNew," the company said in a statement. It did not give the financial details about the deal. The RTC project will consist of three newly-built wind farms and one solar plus battery storage farm (1,300 MW in total plus up to 100 MWh battery storage) across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 MW of electricity

IOC, L&T, ReNew announce joint venture for India green hydrogen business

IndianOil and L&T to form separate JV to manufacture and sell electrolysers.

Indian Oil, L&T and Renew to form JV to develop green hydrogen business

The three companies Indian Oil, L&T and Renew will hold equal stakes in the proposed JV which will develop green hydrogen assets in India.

Sumant Sinha takes over as ASSOCHAM President; Ajay Singh as Senior V-P

Sinha founded ReNew Power in January 2011, with a vision to transform the way energy is produced and consumed in India

ReNew Energy Global announces a share buyback worth $250 million

ReNew Energy Global (ReNew), the listed parent of Indian renewable energy company ReNew Power, has announced a share buyback worth $250 million just six months after getting listed on the Nasdaq index

ReNew Power sells its rooftop solar portfolio to Fourth Partner Energy

Deal valued at Rs 672 crore. Fourth Partner Energy is backed by TPG and Norfund.

ReNew Power joins hands with Fluence to offer energy storage solutions

The 50:50 JV will target the country's storage market, which is estimated to grow to 27 GW by 2030

Renew Power adds 300 MW; total capacity addition at 1.5 GW in FY22

Renew Power, which is traded on the Nasdaq exchange, has commissioned a 300 megawatt SECI solar project in Rajasthan, taking its total operating asset to a record 7.4 gigawatt till date. The Gurugram-based company has installed a record 1.5 GW of renewable energy projects so far this fiscal year despite the pandemic challenges and supply chain disruptions and is on track to meet its goal of 8.2 GW of operational capacity by the end of 2021-22. In 2020-21, Renew Power had closed with an operating capacity of 5.6 GW, it said in a statement on Tuesday. The bulk of Renew's organic capacity addition that led it to surge past the 7 GW-mark is in Rajasthan and Gujarat. The new 1.5 GW capacity addition has more than 1.3 GW of utility scale solar projects. These include 1.2 GW in Rajasthan, 105 MW in Gujarat, and 20 MW in Maharashtra. In wind projects, it has installed over 150 MW, including 136 MW in Karnataka and 22 MW in Gujarat. As much as 1.05 GW of the new generation capacity has PP

Fitch lowers outlook on ReNew Power rating to Stable on slower deleveraging

The firm's capex was expected to be below company's estimates given the continuing Covid-related challenges, including delays in signing new PPAs, the rating agency said

L&T, ReNew Power ink partnership to tap emerging hydrogen biz in India

It is anticipated that green hydrogen demand in India for applications such as refineries, fertilisers and city gas grids will grow up to 2 million tonne per annum by 2030

Rajasthan bags investment commitments worth about Rs. 78,700 cr

Major investors include Renew Power and JK Lakshmi

ReNew expects to commission 10.2 GW renewable energy capacity by FY23

Renewable energy firm ReNew Power is looking to commission its 10.2 gigawatt (GW) capacity by financial year 2022-23. In a statement on Tuesday, ReNew said it also expects to generate an annual EBITDA (earnings before interest, taxes, depreciation, and amortization) of USD 1.1-1.2 billion with the commissioning of the 10.2 GW capacity. "ReNew expects to have its 10.2 GW portfolio operational by the end of FY23 which also includes 3.8 GW of committed capacity i.e. which has a PPA/LOA (Power Purchase Agreements/Letter of Award) or for which the company has a binding acquisition agreement "This capacity is expected to generate an annual EBITDA of USD 1.1 billion - 1.2 billion, double of USD 578 million in FY21," the company said. It further said it aims to have 18 GW of RE capacity by 2024-25, from the 6.4 GW operating at present. "As India sets its sight on achieving 450 GW of installed clean energy capacity by 2030, ReNew will be a leading catalyst of this transition from fossil-ba

ReNew Power commissions 250 MW solar project in Rajasthan's Jaisalmer

ReNew Power on Thursday announced that it has commissioned a 250 MW solar project in Jaisalmer district, Rajasthan.

ReNew Power seals merger with RMG II, shares trade on Nasdaq from Tuesday

Overseas companies use merger route to list on Nasdaq as it grants them access to American capital which would otherwise be limited to firms incorporated in the US

ReNew Power to list on Nasdaq this month, RMG investors approve merger

ReNew is looking to be fully funded for its equity requirements till fiscal year 2025 through this listing

Climate Group appoints Sumant Sinha as trustee on UK board for 3 years

London-based Climate Group announced the appointment of Sumant Sinha, chairman and managing director of domestic renewable energy company ReNew Power, as a trustee on its UK board for three years

ReNew Power enters hydro sector, acquires Larsen & Toubro unit

As part of the deal with L&T, ReNew will take over L&T Utta­ranchal Hydropower, whi­ch owns the Singoli-Bhatwari Hydroelectric Project (SBHEP), from L&T Power Development

L&T sells Singoli-Bhatwari hydro project to Renew Power for Rs 985 cr

Larsen & Toubro on Wednesday announced divestment of 100 per cent stake in 99 megawatt run-of-the-river hydroelectric power plant owned by its subsidiary L & T Uttaranchal Hydropower Ltd (LTUHPL) to Renew Power Services Pvt Ltd.This is in line with the declared L & T focus of divesting non-core assets and improving shareholder value. The transaction is subject to completion of customary closing conditions and closing is expected to take place before September 30.The sale consideration is Rs 985 crore, L & T said in a statement."This development is a significant step in our effort to unlock the value of some of our power development assets to streamline and allocate capital to create long-term value for our shareholders," said Whole-time Director D K Sen."It represents our strategic effort to increase focus on our core strengths and exit others to move towards becoming a more asset-light organisation."Sumant Sinha, Founder, Chairman and CEO of ReNew Power, said given .

ReNew Power to invest $1.2 bn for country's 1st round-the-clock RE project

The project will be designed to operate at an 80% average annual PLF and will have a minimum capacity utilisation factor of 70% monthly, despite being a renewable energy project, says ReNew Power

ReNew Power SPAC: RMG Acquisition Corp shareholders' vote in August

Firm to list on NASDAQ at $8 billion valuation