Indian developer signs PPA for 400 MW round-the-clock energy supply

From pv magazine India

India’s ReNew Power has signed a power purchase agreement (PPA) with Solar Energy Corp. of India (SECI) for 400 MW of round-the-clock (RTC) electricity supply.

The PPA is the first of its kind in India. The power will be supplied to New Delhi Municipal Council and utility Dadra & Nagar Haveli.

ReNew Power emerged as the winner to supply round-the-clock power last year in an auction conducted by state-owned SECI. It will supply electricity in the first year at a tariff of INR 2.90/kWh ($0.04). The tariff will increase by 3% per year for the first 15 years of the 25-year power supply deal.

“The project will be designed to operate at an 80% average annual plant load factor and will have a minimum capacity utilization factor of 70% monthly, despite being a renewable energy project,” said ReNew Power.

Project costs have been estimated at approximately $1.2 billion.

ReNew Power will set up wind and solar capacity across Karnataka, Maharashtra, and Rajasthan. It has already obtained approvals to connect the project sites with the grid and has secured connectivity through the inter-state transmission system.

As of March 31, 2021, ReNew Power owned approximately 10 GW of wind and solar capacity across India, including commissioned and committed projects. It is backed by global investors such as Goldman Sachs, CPP Investments, and the Abu Dhabi Investment Authority.