Published on November 18th, 2019 | by Saurabh0
India’s ReNew Power Hits 5 Gigawatts Of Renewable Energy Capacity
November 18th, 2019 by Saurabh
India’s leading independent power producer in the renewable energy sector has achieved yet another milestone.
ReNew Power Limited recently reported that it achieved 5 gigawatts of operational renewable energy capacity in India. The company has 3.1 gigawatts of wind energy and 1.9 gigawatts of solar power capacity operational across multiple states in the country. According to media reports, only 10 companies globally have been able to achieve this feat so far.
The company achieved this milestone when it commissioned a 250 megawatt solar power project in the western state of Rajasthan. The project was secured through a competitive auction at a tariff bid of Rs 2.72/kWh (3.79US¢/kWh). Power generated from the project will be supplied to the state of Maharashtra under the inter-state transmission scheme.
Company chairman Sumant Sinha announced that his company will add an additional 3 gigawatts of capacity in the next eight months. The company has secured the rights to develop multiple solar and wind energy projects through participation in several wind and solar power auctions. The entire new capacity is expected to be commissioned under the federal schemes and tenders issued by the Solar Energy Corporation of India or NTPC Limited.
Wind as well as solar power tariff bids have bottomed out in India and developers have become more pragmatic over the last few months about their bidding strategies. Aggressive bidders have either stayed away from the market in the last few auctions or have submitted higher bids than seen earlier. ReNew, which had never been an aggressive bidder, may find comfort in the increased maturity shown by other developers in the market.
Solar and wind energy tariff bids had slipped to as low as Rs 2.45/kWh (3.42US¢/kWh) before they increased to Rs 2.70/kWh (3.77US¢/kWh) and above in the recent tenders.
Most of the renewable energy developers have been forced to stay away from auctions or bid high tariffs due to increased financial risk and depleting funding avenues. Indian power distribution utilities have billions of dollars worth of pending payments towards renewable energy developers.
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