The Indian renewable developer ReNew has signed a US$1bn external commercial borrowings (ECB) project finance loan with 12 international lenders, led by Rabobank, to develop a 1.3 GW hybrid Round-the-Clock (RTC) battery-enabled wind and solar plant located in the states of Karnataka, Rajasthan, and Maharashtra. The loan has been tied up through a special purpose vehicle. The US$1.35bn plant will consist of three wind projects (900 MW in total) and one solar plus battery storage project (400 MW plus up to 100 MWh). Commissioning is scheduled for August 2023.
The company signed a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to provide 400 MW of electricity from this project at the rate of INR2.90/kWh (US$3.6c/KWh) to begin with, which will increase 3% annually for 15 years and then stabilise for the remaining 10 years. In April 2022, Mitsui acquired a 49% stake in the plant.
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