Japan’s Mitsui to acquire 49% stake in ReNew’s RTC project - Times of India

Japan’s Mitsui to acquire 49% stake in ReNew’s RTC project – Times of India


NEW DELHI: Japanese trading and investment giant Mitsui has agreed to acquire a 49% stake in the country’s first round-the-clock renewable energy project being developed by ReNew Power, the company said on Wednesday without disclosing the deal size.
“Our partnership with a leading and respected conglomerate like Mitsui shows the significant and fast-rising global interest in India’s energy transition and in ReNew as the right experienced partner to participate in it. We are confident that our partnership with Mitsui will set the tone for future alliances in this sector. Corporates globally and in India are seeing this historic energy shift in India and are keen to join it,” ReNew chairman Sumant Sinha told TOI.
The deal with Mitsui follows ReNew entering a joint venture for green hydrogen with IndianOil and L&T.
The RTC project will consist of three wind farms and one solar-battery storage project with a total capacity of 1,300 MW and up to 100 MW-hour of battery storage. The units are spread across Rajasthan, Karnataka and Maharashtra.
The projects are expected to start commercial operation from the third quarter of 2023 calendar year. They will provide 400 MW of power to SECI, the state-run entity implementing the government’s ambitious renewable energy plan.
The 25-year power purchase agreement signed last year for the project envisages a tariff of Rs 2.90 per unit, or roughly 3.8 US cents. This will increase by 3% annually for 15 years after which it will stabilise for the remaining period of the project.


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