The company also inked a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL) for a 200 MW solar project. Both deals see the company’s gross total portfolio jump over 25 per cent to 12.8 gigawatts (GW) from 10.2 GW at the beginning of 2022, ReNew Power said in a statement.

The acquired 527.9 MW of operating wind and solar projects is spread across eight Indian states. The total enterprise value of these agreements is around ₹3,000 crore ($388 million) and is expected to generate full-year FY23 EBITDA of about ₹395-424 crore ($51-55 million). The expected closing of the overall transaction is in Q2 FY23, but ReNew will receive all cash flows generated from the assets from the lock box date-April 1, 2022.

The agreements have PPAs with state distribution companies in Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu, plus 25 MW of PPAs with corporate customers, and have an average remaining life of 17 years.

For the MSEDCL PPA, ReNew will supply electricity at ₹2.43 per kilowatt hour (kWh) (around 3.1 cents/kWh) for 25 years. The asset will be in Rajasthan and provide electricity to Maharashtra. The project is expected to be commissioned by Q4 FY24.

The clean energy transition in India must happen at an increasingly rapid pace to meet-and green-the expanding energy requirements of the country, and to strengthen its longer-term energy security. Given the recent electricity shortages and blackouts, customers are even more keen to sign new power agreements to ensure future supply.

here is company details.

 

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