Goldman Sachs-promoted ReNew Power commissioned a 300-megawatt (Mw) wind project in the Kutch district of Gujarat. The project was executed by ReNew’s arm, ReNew Wind Energy (AP2), and has a power-purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) under wind power project bidding tranche-III.
With this project, ReNew’s total wind energy capacity in Gujarat increased to 950 Mw. The project will supply power to districts in Haryana and Odisha at Rs 2.44 per kWh.
“The commissioning is a significant achievement for everyone at ReNew Power since the team has worked hard to put together one of the largest wind farms in the state with 120 turbines and has put in place 73 kms of EHV transmission lines and over 330 kms of medium voltage transmission lines despite major disruptions due to the pandemic,” said Sumant Sinha, founder chairman and chief executive of ReNew Power.
Recently, ReNew Power announced it would list on NASDAQ through a business combination with RMG Acquisition Corporation II. The pro forma consolidated and fully diluted enterprise value is expected to be close to $8 billion. This is the first ever De-SPAC transaction globally involving a renewable power generating firm and first involving an India based target since 2016.
Post the NASDAQ listing, ReNew is expecting revenues to grow by 30 per cent until 2025. By FY22, ReNew expects a revenue of $952 million, and is looking to double it to about $2 billion by 2025.
ReNew Power has a total installed capacity of 5.4 Gw of solar and wind power. It also has 4.6 Gw of renewable power capacity under construction.