18 April 2024
ReNew
Gurgaon, India, April 18, 2024: ReNew Energy Global plc (“ReNew” or “the Company”)
(Nasdaq: RNW, RNWWW), India’s leading renewable energy company, said on
Thursday that it has signed an initial agreement with JERA Co., Inc (“JERA”),
Japan’s largest power generation company, to jointly evaluate development of a
green ammonia production project in India.
Under the agreement, ReNew, through its
subsidiary, ReNew E-Fuels Private Limited, and JERA will jointly evaluate
development of a green ammonia production project in Paradip, Odisha. The
project will utilize approximately 500 MW of high-capacity utilization factor
(CUF) renewable energy to produce green hydrogen, a key feedstock for green
ammonia.
The project is likely to have a production
capacity of approximately 100,000 tons of green ammonia annually by 2030. JERA
will have the right to offtake this green ammonia for Japan. There will be a
joint study to evaluate the commercial viability of the project.
The two companies have built a strong
relationship during the past seven years and the project will leverage ReNew's
proven capabilities in renewable energy development and solutioning, and JERA's
expertise in building full value chains.
Sumant Sinha, Founder, Chairman & CEO, ReNew said, "This collaboration marks an exciting time for both
ReNew and JERA, and demonstrates our commitment in accelerating the clean
energy transition. Green ammonia holds immense potential in reducing carbon
emissions and the project, once ready, will contribute to a cleaner future and
support India's National Green Hydrogen Mission."
Yukio Kani, Global CEO & Chair of JERA said, "Since 2017, JERA has maintained a strong partnership
with ReNew, and we are pleased to expand this collaboration to the next level:
the first green hydrogen and ammonia development project for JERA. This joint
development agreement represents a significant milestone and an exciting
advancement moving us one step closer to realizing decarbonized society, with a
focus on the sustainability, affordability, and stability of future energy.”
This partnership between the two companies
aligns with India's ambitious National Green Hydrogen Mission and Japan's clean
energy transition goals. The Indian government aims to produce 5 million tons
of green hydrogen per year by 2030, in an effort to become the world's largest
green hydrogen hub. The Government of Japan is planning new initiatives to accelerate
the transition towards clean energy. Both companies see India as a country with
high potential for both solar and wind power.
About ReNew:
ReNew is a leading decarbonization solutions Company
listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew has set up 10
GW of clean energy assets and has a portfolio of over 13.5 GW on a gross basis as
of March 31,
2023, which is one of the largest globally. In addition to being a major
independent power producer in India, ReNew provides 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.
About JERA:
JERA was created through the consolidation of the fuel and
thermal power departments of the Tokyo Electric Power Company and the Chubu
Electric Power Company. The company was established with the concurrent aims of
creating an energy company capable of competing in the global energy market and
providing a stable supply of globally competitive energy, all while increasing
corporate value.
Press
Enquiries
ReNew | Shilpa Narani | shilpa.narani@renew.com
Investor
Enquiries
ReNew | Nathan Judge, Nitin Vaid | ir@renew.com
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