The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Mitsui takes 49% stake in 1,300MW round-the-clock renewable project in India


Japanese conglomerate Mitsui & Co. has invested in a 1,300MW wind-plus-solar-plus-storage project development in India.

Mitsui’s investment in the project by ReNew, an Indian renewable energy company, comes six months after the government-owned Solar Energy Corporation of India (SECI) signed a round-the-clock (RTC) power purchase agreement (PPA) to procure 400MW from its multiple sites.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The multi-state project will have a total of 1,300MW of renewable energy from three wind farms totalling 900MW, solar PV totalling 400MW and a battery energy storage system (BESS) up to 100MWh in capacity. It will be spread across Rajasthan, Karnataka, and Maharashtra, all on the west side of the country.

ReNew is doing the EPC, O&M, and project management for the project which will start operating commercially in Q3 2023. The 25-year PPA with SECI was signed at ₹2.90/kWh (3.8 US cents), which will grow 3% a year for the first 15 years before remaining stable for the remaining 10 years of the PPA.

The project is expected to cost around US$1.2 billion and is designed to operate at an 80% average annual plant load factor (PLF) with a minimum capacity utilisation of 70% a month.

Mr. Sumant Sinha, Founder, Chairman and CEO of ReNew Power said: “The RTC project, the first of its kind in India, provides the lowest cost and emission-free 24 X 7 renewable electricity. We are proud to partner with Mitsui, a leading global conglomerate, to support India’s green energy transition and look forward to strengthening this partnership in the future.”

ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally, it claims. It develops, builds, owns, and operates utility-scale wind, solar and hydro energy projects and has a total portfolio of 10.2 GW of renewable energy projects across India as of February 2022.

It recently signed a joint venture (JV) agreement with global system integrator Fluence to deliver energy storage solutions in India.

The energy storage market is set to grow substantially in the coming years at both the upsteam and downstream levels. The Central Electricity Authority reckons it needs 28GW of energy storage to reach its 2030 decarbonisation goals while the government recently awarded funds to projects building battery manufacturing capacity totalling 50GWh.

Read Next

April 9, 2024
Battery energy storage system (BESS) technology could reduce the cost of curtailing wind production in the UK by up to 80%, after over US$1 billion was spent last year, a developer said.
April 9, 2024
Battery technology startup Alsym Energy is keeping the exact chemistry of its product under wraps for the time being, the company has confirmed to
April 9, 2024
Developer and operator EsVolta has secured a US$185 million senior secured credit facility for its US battery energy storage system (BESS) project pipeline.
April 8, 2024
Investment manager Quinbrook Infrastructure Partners has closed funding for its Valley of Fire Fund, raising US$600 million in capital commitments from what it called “leading US and European institutional investors”.
April 8, 2024
US-based startups Torus and Alysm Energy have raised a combined US$145 million to scale up their non-lithium energy storage technology businesses.

Most Popular

Email Newsletter