ReNew Power Puts First Solar Project into Operation after Nasdaq Listing

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  • ReNew Power Puts First Solar Project into Operation after Nasdaq Listing

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    ReNew Power, a subsidiary of ReNew Energy Global [RNW: US], stated that its 250-megawatts (MW) solar plant had entered service in Jaisalmer, Rajasthan, on September 9, as reported by Economics Times on the same day. This is a part of the Inter-State Transmission System (ISTS) solar generation project with a total generation capacity of 300MW. ReNew won the bid in the third tranche of a competitive auction and signed a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply green electricity at INR2.55 per kilowatt-hour (kWh). According to its announcement, the company expected that the remaining capacity would be fully operational by the end of this month.

    This is the first project for ReNew Power after the company became the first Indian renewable energy producer listed on Nasdaq. ReNew will deploy the robotic module cleaning at the solar park to fulfill its ESG commitment of saving water in operation. This project also helped ReNew be closer to the target of 18 gigawatts (GW) renewable capacity, as well as India’s goal of 500GW installed renewable energy by 2030.

    In India, the objective of developing the ISTS is to facilitate the smooth and efficient conveyance of electricity within and across boundaries all over the country. Before owning and operating transmission assets, utilities should obtain a license from Central Electricity Regulatory Commission (CERC) and ensure the approved right of the way along the transmission line for construction. The Indian government also uses incentive policies on the ISTS to encourage energy companies to focus more on clean energy, especially solar power. For instance, once becoming a qualified energy developer, companies can exempt from transmission fees and compensate energy loss on the ISTS network if they are in the renewable energy sector.

    Sources:

    https://economictimes.indiatimes.com/industry/renewables/renew-power-commissions-250-mw-solar-project-in-rajasthan/articleshow/86071295.cms

    https://economictimes.indiatimes.com/markets/ipos/fpos/indias-renew-power-set-for-nasdaq-debut-through-rmg-ii-spac/articleshow/85410740.cms

    https://www.energysector.in/power/inter-state-transmission-system-ists

    https://www.lexology.com/library/detail.aspx?g=6d689f36-417c-4eb5-82d8-6a0a699c571f

    https://renewpower.in/sustainability-renew/

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