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Mitsui to take 49% stake in ReNew Power's project

ReNew signed a 400 MW Round-The-Clock (RTC) PPA last year to supply electricity to the Solar Energy Corporation of India (SECI).

April 06, 2022 / 11:13 AM IST

Japanese conglomerate Mitsui has agreed to take a 49 per cent stake in ReNew Power's round-the-clock renewable power project, the Indian firm said on Wednesday. For the 400 MW PPA (Power Purchase Agreement), the company will install 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage.

"ReNew Power has finalised a partnership with Mitsui & Co Ltd, a leading global general trading and investment firm. "The partnership will see Mitsui invest in the RTC renewable energy project being developed by ReNew," the company said in a statement.

It did not give the financial details about the deal. The RTC project will consist of three newly-built wind farms and one solar plus battery storage farm (1,300 MW in total plus up to 100 MWh battery storage) across the states of Rajasthan, Karnataka, and Maharashtra, and provide 400 MW of electricity to SECI, an Indian central government-owned entity.

The project's commercial operations are expected to start in the third calendar quarter of 2023. ReNew, through its affiliates, will also undertake EPC, O&M, and project management for the RTC project.