ReNew Announces The Signing Of 5 Power Purchase Agreements Totaling ~2.2 GW Of RE Capacity, Expanding Its Fully Contracted Renewable Energy Portfolio
Portfolio Pulse from Benzinga Newsdesk
ReNew (NASDAQ:RNW), India's leading renewable energy company, announced the signing of five Power Purchase Agreements (PPAs) totaling approximately 2.2 GW of renewable energy capacity. This expansion brings ReNew's total portfolio to 15.6 GW, making it one of the largest globally. The PPAs include three solar agreements totaling 800 MW with NTPC, DVC, and SECI, a 1 GW agreement with SJVN, and a 438 MW agreement with a large multinational C&I customer. These projects, comprising 1,500 MW of solar and 688 MW of wind, are expected to be commissioned within the next 24 months.
May 09, 2024 | 2:33 pm
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ReNew Energy has significantly expanded its renewable energy portfolio by signing five new PPAs totaling approximately 2.2 GW, which will increase its total capacity to 15.6 GW. These agreements are expected to enhance ReNew's growth prospects and revenue streams.
The signing of these PPAs is a significant development for ReNew Energy, as it not only expands its renewable energy portfolio but also strengthens its position in the renewable energy market in India. The agreements with reputable counterparties like NTPC, DVC, SECI, and SJVN, along with a large multinational C&I customer, provide a predictable revenue stream and visibility into future growth. This is likely to be viewed positively by investors, potentially leading to a short-term positive impact on RNW's stock price.
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