Gurgaon, India /PRNewswire/ - ReNew Power ("ReNew", or "the Company"), India's leading renewable energy company, announced that it has commissioned a 105 megawatt (MW) solar generation facility in the Indian state of Gujarat.
The project has a 25-year power purchase agreement with the Gujarat Urja Vikas Nigam Limited (GUVNL) to provide clean electricity to the state of Gujarat at a tariff of Rs 2.68/kWh (US$0.036/kWh). ReNew will deploy advanced mono perc solar modules with seasonal tilt structure design as part of the project to ensure greater generation efficiency and maximum utilization of assets at the solar farm.
This project located in the Patan District of Gujarat, takes ReNew's total operational solar capacity in Gujarat to 145 MW and total aggregate Solar capacity to 4.7 GW across India. Since March, ReNew Power has announced commissioning of over 500 MW (300 MW in Gujarat, 110 MW in Rajasthan and now 105 MW) of combined wind and solar energy projects.
Speaking about the Gujarat solar farm project, Founder, Chairman and CEO of ReNew Power, Mr. Sumant Sinha said, "The 105 MW Gujarat project commissioning is a significant step forward for ReNew Power. The project has been commissioned amidst a COVID-19 surge and reflects the commitment of our team to contribute towards India's ambition of achieving 450 GW of clean energy by 2030."
As previously announced, ReNew Power has entered into a definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB), a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
About ReNew Power
ReNew Power Private Limited is India's leading renewable energy independent power producer (IPP) by capacity and is the 13th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of December 31st 2020, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew has a strong track record of organic and inorganic growth. ReNew's current group of stockholders contains several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA
For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power
No Offer or Solicitation
This press release is for informational purposes only and shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.