Renew Power Limited winning a tender for developing a 3 MW Floating Solar PV Project in Visakhapatnam Andhra Pradesh.
ReNew Power Wins 3 MW Floating Solar PV Project at Visakhapatnam
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.
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).