24 July 2024
ReNew
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The Company has inaugurated 400 MW solar project in
Rajasthan
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Project is part of a 600 MW PPA with SECI for 25 years
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The project will result in an annual offset of about 1.4
million tons of CO2 equivalent emissions, significantly contributing
to environmental sustainability
July 24th 2024, Jaipur – ReNew, India’s leading
renewable energy company (NASDAQ: RNW), on Tuesday inaugurated a 400 MW solar
project in Rajasthan, as part of a 600 MW PPA signed with the Solar Energy
Corporation of India Limited (SECI) to generate clean energy in Rajasthan for
the next 25 years. The project was inaugurated by Rajasthan Chief Minister Shri
Bhajan Lal Sharma in the presence of Deputy Chief Minister Diya Kumari, Energy Minister
Heeralal Nagar, SECI Chairman R.P. Gupta, and ReNew’s Founder, Chairman and CEO
Sumant Sinha, among other dignitaries.
The 600 MW solar power plant,
spread over 2000 acres of land and across multiple villages in the Pokran and
Bhaniyana tehsils of Jaisalmer district, Rajasthan, is expected to generate
about 1331 million units of electricity annually. Additionally, the project offers
a competitive PPA tariff at Rs. 2.18/kWh.
Inaugurating
the project, Chief Minister Shri Bhajan
Lal Sharma commented, “The production of renewable energy from the 400 MW
solar power plant in Jaisalmer today by ReNew is an important step towards
making the state self-reliant. Production of the remaining 200 MW will start by
October.” He further added, “Adding renewable capacity will reduce the cost of
power resulting in lower tariffs for consumers and also savings for the
government. Through this plant, electricity will be supplied to Rajasthan discom
at very cheap rates.”
ReNew
also conducts various water conservation activities in water-stressed districts
like Jaisalmer, including de-silting of community lakes and construction of
traditional water harvesting structures, providing water to more than 700
underprivileged families. Deputy Chief Minister, Smt. Diya Kumari added,
“I thank ReNew for this important milestone. There is a huge opportunity for
the renewable sector in Rajasthan. Not much work has been done in the state for
the last five years in the area of energy and water security. In line with the
Prime Minister’s vision of Viksit Bharat, we are targeting to make Rajasthan
Viksit.”
Sumant Sinha, Founder, Chairman & CEO, ReNew, said “I am proud that we were able to complete
this project in a record time, enough to power 300,000 households. Presently,
4000 MW of ReNew’s gross ~10GW of operational capacity is situated in Rajasthan
with investments of over Rs 21,000 crore, including a 4 GW solar module manufacturing
facility in Jaipur. We are fully committed to Rajasthan when it comes to
expanding our portfolio upwards from 10 GW in the next few years."
The project is connected at
Jaisalmer-II (Bhensara) of Rajasthan Rajya Vidyut Prasaran Nigam Limited
(“RVPNL”) and is the largest solar project connected to RVPNL. SECI has also
executed a Power Sale Agreement (PSA) with Rajasthan Urja Vikas Nigam Limited
(RUVNL)/Rajasthan Discom for the same duration.
The project will result in an
annual offset of about 1.4 million tons of CO2 equivalent emissions,
significantly contributing to environmental sustainability. It has already generated significant employment during
construction and will continue to do so in the operational phase, benefiting local
communities through long-term land lease agreements. The project will use solar
modules made by ReNew, making it the first project of this scale to use solar modules made in Jaipur, aligning with the Govt. of India’s
Atmanirbhar Bharat Abhiyan.
About ReNew
ReNew
is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW,
RNWWW). ReNew's clean energy contracted portfolio of ~15.6 GW on a gross basis
as of May 31, 2024, is one of the largest globally. In addition to being a
major independent power producer in India, we provide end-to-end solutions in a
just and inclusive manner in the areas of clean energy, value-added energy
offerings through digitalization, storage, and carbon markets that increasingly
are integral to addressing climate change. For more information, visit renew.com
and follow us on LinkedIn,
Facebook,
Twitter
and Instagram.
Press Enquiries
ReNew
| Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
ReNew
| Nathan Judge, Nitin Vaid | ir@renew.com
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