Independent power producer ReNew Power has commissioned a 250MW portion of a 300MW solar plant in the Indian state of Rajasthan.
Won by ReNew in an auction held by the Solar Energy Corporation of India, the plant has a 25-year power purchase agreement (PPA), providing clean electricity to the state of Bihar at a rate of INR 2.55/kWh (~US$0.035/kWh).
The fixed-tilt installation features monocrystalline modules and robotic module cleaning will be carried out at the site to help conserve water. ReNew expects the remaining 50MW capacity to be commissioned by the end of this month.
The company commissioned the 250MW section of the plant within budget and within the stipulated timeframe despite COVID-related challenges, said ReNew founder and CEO Sumant Sinha, adding: “This is the first project to be commissioned after ReNew started trading on Nasdaq (RNW) and is another step towards ReNew achieving close to 18GW of installed renewable energy capacity by 2025.”
The IPP agreed earlier this year to go public through a merger with US special purpose acquisition company RMG Acquisition Corporation (RMG II), a deal valuing the combined entity at US$8 billion. The business combination was completed last month, creating India’s largest publicly traded renewable energy company by total electricity generation, according to ReNew.
The company now has a 5.8GW portfolio of operational solar, wind and hydropower projects in India. It recently signed a round-the-clock PPA that will require 1,300MW of wind and solar capacity and a large-scale battery storage system.