ReNew Power, India s Leading Renewable Energy Company, Announces the Commissioning of 110 MW Solar Generation Project
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GURGAON, India, April 7, 2021 /PRNewswire/ ReNew Power ( ReNew , or the Company ), India s leading renewable energy company, announced that it has commissioned a 110 megawatt (MW) solar generation facility in the Indian state of Rajasthan.
As part of the project, ReNew has signed a power purchase agreement with Solar Energy Corporation of India at a tariff of Rs 2.49/kWh (US $0.034/kWh) and will provide clean energy to the state of Rajasthan. The 110 MW solar project commissioned by ReNew is a part of an eventual 2,300 MW of solar capacity that ReNew is bringing online in Rajasthan. The balance of the 2,300 MW of generation capacity will generate electricity to be fed into the national grid, aiding in the achievement of India s target of 450 gigawatts of clean energy by 2030.
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Moody s Investors Service in its latest report said that close to 15-20 per cent of wind and solar power projects underperformed during 2019-20. However, with portfolio diversification, a lot of green energy companies will withstand the slowdown, it said. Moody s said India s renewable energy sector grew by 20 per cent in the last five years. About 15-20 per cent of Indian wind and solar projects did not meet capacity utilisation targets in fiscal years 2019 and 2020 because of wind generation curtailments and lower irradiance for solar projects, which were responsible for 56 per cent and 68 per cent of the underperformance respectively,” says Abhishek Tyagi, a Moody’s Vice President and Senior Analyst. As a result, rated renewable energy companies’ EBITDA declined 2-5.6 per cent in fiscal 2020, said the report.
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