ReNew Energy Global PLC (ReNew) signed a Memorandum of Understanding (MoU) with European Bank, Societe Generale, to support the ReNew’s energy transition projects in India and globally. This partnership will contribute towards India’s net zero goals.
Key Points:
i.Under this MoU, Societe Generale will provide financial support of USD 1 billion over the next 3 years, mainly through debt financing and advisory solutions.
ii.Both parties will focus on utility-scale energy projects such as: solar, wind, complex renewable, green hydrogen, energy storage and solar module manufacturing.
ReNew Signed 5 PPAs of 2.2 GW, Including 1GW of FDRE
ReNew has signed 5 Power Purchase Agreements (PPAs) with combined Renewable Energy (RE) capacity of 2.2 GigaWatt(GW).
- ReNew has also received Letter of Awards (LoAs) for an additional 5.8 GW of RE capacity.
Note:
i.Now, ReNew’s overall RE portfolio stands at 15.6 GW which consolidates its position as a key player in India’s green energy transition.
ii.These 5 PPAs will involve the development of 1500 MW of solar and 688 MW of wind projects. These projects will commence its operation over the next 24 months.
Details of the PPAs:
i.ReNew signed 3 solar PPAs totaling 800 MW with NTPC Limited(formerly known as National Thermal Power Corporation Limited), Damodar Valley Corporation (DVC) and Solar Energy Corporation of India Limited (SECI) at a weighted average tariff of Rs 2.59 per kiloWatt-hour (kWh).
ii.It has also signed 1GW Firm and Dispatchable Renewable Energy (FDRE) PPA with SJVN Limited(formerly known as Satluj Jal Vidyut Nigam) at a tariff of Rs 4.39 per kWh.
iii.It has signed 438 MW PPA with a large multinational Commercial and Industrial (C&I) customers.
About Societe Generale S.A.:
Societe Generale is one of the leading financial services group in Europe.
Chief Executive Officer (CEO)- Slawomir Krup
Founded in 1864
Headquarters– Paris, France
About ReNew Energy Global PLC (ReNew):
Founder, Chairman & CEO- Sumant Sinha
Headquarter- Gurugram, Haryana
Established in 2011
