ReNew Successfully Commissions Its First Interstate Transmission Scheme (ISTS) Project Following Investment From Norfund and KLP
16 Novembro 2023 - 8:59AM
Business Wire
- The Norwegian Climate Investment Fund, managed by Norfund, and
KLP, Norway’s largest pension company, sign agreement to invest
approx. $9m (INR 730m) for 49% stake in the second project in Gadag
district in Karnataka, India
- ReNew commissions its first Interstate Transmission Project,
the “Koppal Transmission Scheme” to help in transmission of 1.5GW
of renewable energy in the Koppal Area of Karnataka
- ReNew has won 3 transmission projects in Karnataka, India to
date, as part of their commitment to build transmission for ~5 GW
of wind power, under ISTS1
- Central Transmission Utility (CTU), a Govt. of India owned
entity and a wholly owned subsidiary of Power Grid Corporation of
India Ltd (PGCIL), will be responsible for billing, collection
& disbursement of revenues for these projects.
ReNew (“ReNew”, RNW, RNWWW: NASDAQ), India’s leading
decarbonization solutions company, has commissioned its first
interstate transmission project, the “Koppal Transmission Scheme”.
The project was executed in a compressed time schedule and will
help in transmission of 1,500 MW of renewable energy in the Koppal
Area of Karnataka. The Koppal Transmission Scheme was awarded in FY
22 and covers construction of a new 400/220 kV Sub-station at
Koppal along with 276 Ckt Km of 400 kV D/C quad moose transmission
line with extension of the 400 kV GIS Bays at the PGCIL Narendra
(New) Substation. Following the commissioning of the 1,500 MW
Koppal Transmission Scheme, the remaining transmission for 3,500 MW
is expected to be completed by June 2024.
Following the announcement, an agreement was signed yesterday on
the second joint investment in the transmission sector with
Norfund, the Norwegian Government’s Investment Fund for developing
countries, and KLP, Norway’s largest pension company, through their
joint company KNI India AS. Norfund’s share is from Norway’s newly
established Climate Investment Fund, managed by Norfund. This marks
Norfund’s and the Climate Investment Fund’s ongoing support in the
transmission sector, helping to accelerate the transition to
renewable energy.
The investment by Norfund and KLP in ReNew’s transmission
projects is in line with ReNew’s farm-down strategy, enabling ReNew
to add further capacity. In addition, synergies in project
execution and operations with ReNew’s inhouse capabilities and the
role of these projects in enabling earlier commissioning of
renewable energy projects, will enhance returns and derisk
completion timelines for ReNew’s core RE development business.
ReNew has won 3 transmission projects in Karnataka to date under
ISTS. ReNew’s transmission projects are part of the ISTS for
transmission of 5 GW of wind and solar power potential identified
in Karnataka under Phase-I for implementation and interconnection
with ISTS grid, for a period of 35 years. Central Transmission
Utility (CTU), a Govt. of India owned entity and a wholly owned
subsidiary of PGCIL (which has AAA/ Stable (highest safety) credit
rating by ICRA, a subsidiary of Standard & Poor’s), will be
responsible for billing, collection & disbursement of the
revenue for these transmission projects.
India made commitments at the Glasgow COP26 summit to reach 500
GW of non-fossil fuel-based installed capacity by 2030, and to
source 50% of all its energy from renewables by then.
The agreement to invest in the Gadag Project for a 49% stake is
the second investment in the partnership, with an ambition for
further joint investments. The expected levelized EBITDA for the
project is ~$ 6.2m. The project consists of (a) 2 x 500 MVA 400/220
kV sub-station at Gadag with 400 kV D/C transmission line from
Gadag substation to Narendra New substation and 400 kV GIS Extn at
Narendra New in Karnataka and (b) 3 x 500 MVA 400/220 kV
Augmentation at Gadag Substation with 400 kV D/C transmission line
from Gadag substation to Koppal substation and 400 kV AIS bays Extn
at Koppal & Gadag end. Its commercial operations are expected
to start in two phases – in the last quarter of FY24 and first
quarter of FY25.
Speaking about this partnership with Norfund and KLP, Mr.
Kailash Vaswani, Group CFO of ReNew Private Limited said,
“Investments in the transmission sector provide synergies with our
core RE portfolio by enhancing certainty of connecting ReNew’s
large RE development projects and demonstrates our success in
capital recycling through which we have raised over half a billion
of US dollars in equity over the past 2 years by selling stakes in
assets. We are proud to partner with Norfund and KLP to support
India’s green energy transition and look forward to strengthening
this partnership in the future.”
Anne Beathe Tvinnereim, Norway’s Minister of International
Development, said, “To secure the necessary investments for the
vital energy transition, public funding must mobilise private
capital. The signing between the Climate Investment Fund, ReNew and
KLP is a great example of this. It also shows how Norwegian
investments are helping India reach its goals of installing 500 GW
of non-fossil capacity by 2030.”
Bjørnar Baugerud, head of the Climate Investment Fund at
Norfund, said, “Strengthening the transmission infrastructure
is critical to facilitate the dispatch of the necessary new
renewable energy capacity to reach the climate goals in line with
the plans of the Government of India. Through this second
investment and our partnership with ReNew, we are pleased to be
able to contribute to the connection of another 2.5 GW of planned
renewable power to the national grid.”
About ReNew
ReNew is India’s leading decarbonisation solutions company
listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy
portfolio of approximately 13.7GW on a gross basis as of June 30,
2023, is one of the largest globally. In addition to being a major
independent power producer in India, ReNew provides end-to-end
solutions in a just and inclusive manner in the areas of clean
energy, value-added energy offerings through digitalisation,
storage, and carbon markets that increasingly are integral to
addressing climate change. For more information, visit renew.com
and follow us on LinkedIn, Facebook, Twitter and Instagram.
About Norfund:
Norfund is the Norwegian Investment Fund for developing
countries. Our mission is to create jobs and to improve lives by
investing in businesses that drive sustainable development. Norfund
is owned and funded by the Norwegian Government and is the
Government’s most important tool for strengthening the private
sector in developing countries, and for reducing poverty. Norfund’s
committed portfolio totals 3.1 billion USD in Sub-Saharan Africa,
South-East Asia, and Central America. From 2022, Norfund also
manages the Norwegian Climate Investment Fund that aims to
contribute to reducing or avoiding greenhouse gas emissions by
investing in renewable energy in developing countries with large
emissions from coal and other fossil fuel production. For more
information, please visit: www.norfund.no
About KLP
KLP, the pension fund for Norway’s municipal employees, is the
country’s biggest occupational pension fund with N0K900bn (€88bn)
under management. KLP is a mutual company, owned by Norwegian
municipalities, health trusts and publicly owned companies. KLP has
strict self-imposed guidelines for responsible investments,
climate, and sustainability, and has released one of the industry
most ambitious net zero emissions roadmaps. Learn more at
https://www.klp.no/en
[1] Inter-state transmission scheme, Ministry of Power’s
framework under which transmission projects are bid out.
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version on businesswire.com: https://www.businesswire.com/news/home/20231116521250/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com Norfund | Per Kristian Sbertoli |
Per.kristian@norfund.no
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
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