ReNew Power wins 200 MW in MSEDCL solar auction
The Haryana-based developer secured the solar power project from the Maharashtra utility at a tariff of INR 2.43/ kWh (US$0.033). The project will likely be located in Gujarat or Rajasthan. It shall use mono PERC modules produced from ReNew Power’s upcoming 2 GW factory in Gujarat.
Haryana-based developer ReNew Power has announced it has won a 200 MW AC interstate transmission system (ISTS)-connected solar generation project in an auction conducted by the Maharashtra State Electricity Distribution Company Limited (MSEDCL).
The project will likely be constructed in Gujarat or Rajasthan and supply clean power to Maharashtra.
ReNew Power expects to sign a 25-year power purchase agreement with MSEDCL by the third fiscal quarter of 2022 at a tariff of INR 2.43/ kWh (US$0.033).
The project is expected to be completed by the first fiscal quarter of 2024, as per ReNew Power statement.
ReNew Power is looking to deploy high-efficiency mono PERC modules with string inverters. The modules will be domestically manufactured from its upcoming 2 GW cell and module facility in Gujarat. The mono PERC factory has already been allocated 100 acres of land by the state government.
Speaking about the win, ReNew’s Founder, Chairman and CEO, Sumant Sinha said, “Our win of the 200 MW MSEDCL project at an expected return comfortably above our threshold in an oversubscribed auction is a testament to ReNew’s competitive advantage. This project also marks a significant step forward for ReNew Power as it will be the first project where we will deploy modules from our manufacturing facility in Gujarat. In addition, our differentiated vertically integrated business model and use of our proprietary monitoring and analytical technology enable the performance of our assets to be best in class, further establishing ReNew as the leader in Indian renewables.”
ReNew is India’s leading renewable energy independent power producer (IPP) by capacity and is the 10th largest global renewable IPP by operational capacity. As of March 31, 2021, it had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects from organic and inorganic growth opportunities.