ReNew Power commissions 250 MW solar project in Rajasthan

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September 10, 2021 4:15 AM

The project is part of the 300 MW capacity won by ReNew Power in the competitive auction conducted by SECI in February 2019. The balance capacity is expected to be commissioned by the end of this month.

“This is the first project to be commissioned after ReNew started trading on NASDAQ (RNW) and is another step towards ReNew achieving close to 18 GW of installed renewable energy capacity by 2025,” Sumant Sinha, CEO of the company said.

ReNew Power on Thursday announced the commissioning of a 250 megawatt (MW) solar plant in Rajasthan. The company will supply electricity from the plant to Solar Energy Corporation of India (SECI) at Rs 2.55/unit, which will subsequently sell the power to Bihar.

The project is part of the 300 MW capacity won by ReNew Power in the competitive auction conducted by SECI in February 2019. The balance capacity is expected to be commissioned by the end of this month.

“This is the first project to be commissioned after ReNew started trading on NASDAQ (RNW) and is another step towards ReNew achieving close to 18 GW of installed renewable energy capacity by 2025,” Sumant Sinha, CEO of the company said.

In August, ReNew Power became the first Indian renewable energy company to publicly list itself in the United States through a special purpose acquisition company and has received around $610 million in cash from the IPO. The company had earlier informed analysts that it aims to raise annual revenue to more than $1,950 million from the current level of $699 million.

As of August 31, ReNew Power had a total capacity of 10.2 GW out of which 5.8 GW is operational across the wind, solar and hydro energy projects in India and the rest is under construction or in the pipeline.

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