GURGAON, India, October 22, 2018 /PRNewswire/ --
ReNew Power Limited, India's largest renewable energy IPP in terms of total energy generation capacity*, today announced that it has won the tender for developing a 3 MW floating solar PV project in Visakhapatnam, Andhra Pradesh. When commissioned, this project will be among the largest floating solar PV projects in India.
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ReNew won this project, after participating in a bidding process conducted by Greater Visakhapatnam Municipal Corporation (GVMC) for installation of a floating solar PV project at Meghadrigedda reservoir located in Visakhapatnam, Andhra Pradesh. This project is being financed by GVMC through a grant received from Asian Development Bank (ADB) under their Urban Climate Change Resilience Trust Fund.
In total, this project is estimated to generate around 4.2 million units of power annually, offsetting over 3960 tonnes of carbon emissions every year. **
Speaking on this occasion, Mr. Prabhat Kumar Mishra, Head - Distributed Solar & Offtake, ReNew Power, said, "Floating solar is an emerging technology trend with huge potential and we are proud to be associated with this project at the Meghadrigedda reservoir, Visakhapatnam. We believe floating solar power plants can play a critical role in a country like India which has abundant water bodies. Factors like higher efficiency and lower installation time have also contributed to floating solar gaining momentum of late, with SECI inviting an EoI to generate 10 GW through this channel. As per industry estimates, if only 10% - 15% of India's water resources are utilized for setting up floating solar plants, it could generate up to 300 GW of power. Our collaboration with GVMC in this initiative reflects ReNew's commitment to deploy innovative solutions for generating clean energy to meet India's growing needs."
About ReNew Power
ReNew Power Limited is India's largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity*. As of May 8, 2018, ReNew had a total capacity of over 5.85 GW of wind and solar power assets across the country, comprising 3.92 GW of operational capacity, 1.66 GW of under development capacity, and 0.27 GW of recently awarded SECI project. It develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth having nearly doubled its operational capacity in each of the last three fiscal years. ReNew's broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, GEF SACEF India, and ADB (subsequently exited).
For more information, please visit: http://www.renewpower.in.; Follow ReNew Power on
Twitter: https://twitter.com/ReNew_Power
Facebook: https://www.facebook.com/ReNewPowerIndia/
LinkedIn: https://www.linkedin.com/company/renew-power/
*Source: CRISIL Research - Outlook on the Renewable Energy Market in India released in Mumbai in May 2018
** Annual generation is as per the minimum generation guarantee required under the tender. Carbon emission offsetting calculated as per CEA CO2 Baseline Database for Indian Power Sector, May 2017.
ReNew Disclaimer:
ReNew Power Limited is proposing, subject to the applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the DRHP with SEBI on May 8, 2018. The DRHP will be available on the websites of SEBI at http://www.sebi.gov.in, BSE at http://www.bseindia.com, NSE at http://www.nseindia.com and GCBRLMs, i.e. at http://www.investmentbank.kotak.com, http://www.mlindia.com, http://www.goldmansachs.com, http://www.jmfl.com, http://www.jpmipl.com and BRLMs, i.e. at http://www.idfcbank.com, http://www.ubs.com/indianoffers and http://www.yesinvest.in, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the DRHP, including the section "Risk Factors" on Page 23 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. The securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from such registration.
Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company, its management, as well as its financial statements. No public offering or sale of securities in the United States is contemplated.
CRISIL Disclaimer:
"CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. ReNew Power Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division / CRISIL Risk and Infrastructure Solutions Ltd (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL's Ratings Division / CRIS. No part of this Report may be published/reproduced in any form without CRISIL's prior written approval."
For more information, please contact:
Adfactors PR:
Shweta Sawhney
[email protected]
+91-9953880267
ReNew Power:
Pradeep Wadhwa
[email protected]
+91-9810266667
Dipankar Bose
[email protected]
+91-9810466530
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