The agreement will see Japan-based Mitsui take a 49% stake in the project, ReNew said
The agreement will see Japan-based Mitsui take a 49% stake in the project, ReNew said
ReNew Power Private Ltd. announced that it has partnered with Mitsui & Co., Ltd. which will invest in the Round The Clock (RTC) renewable energy project developed by ReNew.
The agreement will see Japan-based Mitsui take a 49% stake in the project, ReNew said.
The RTC project will consist of three newly built wind farms and a solar and battery storage park (total 1,300 MW and up to 100 MWh battery storage) in Rajasthan, Karnataka and Maharashtra.
The project will supply 400MW of electricity to SECI, an entity owned by the Indian central government.
Commercial operation of the project is scheduled to begin in the third calendar quarter of 2023. ReNew, through its subsidiaries, will also provide EPC, O&M and project management for the RTC project, the company said.
“The RTC project, the first of its kind in India, delivers the most cost-effective and emission-free 24/7 renewable energy,” said Sumant Sinha, Founder, Chairman and CEO of ReNew Power.
“Through this project, Mitsui together with ReNew will accelerate India’s clean energy transition and contribute to the successful development of the project by leveraging our extensive global experience in energy project development as well as our extensive cross-industry business network,” said Ryoichiro Uno, Senior Vice President for Infrastructure Projects in India, Middle East and Africa General Manager Mitsui said: ”
“We look forward to expanding our continued collaboration with ReNew beyond this RTC project in India,” he added.
