"ReNew Power Successfully Launches Inaugural Interstate Transmission Project"

ReNew Power, a NASDAQ-listed renewable energy firm, announced rcently the successful commissioning of its inaugural interstate transmission project, the Koppal Transmission Scheme. This project is a significant milestone for ReNew Power in contributing to the transmission of 1,500 megawatts (MW) of renewable energy in the Koppal Area of Karnataka.

Awarded in the fiscal year 2022, the Koppal Transmission Scheme involves the construction of a new 400/220 kV substation at Koppal and the development of a 276 circuit km 400 kV D/C quad moose transmission line, with an extension of the 400 kV GIS Bays at the PGCIL Narendra (New) substation.

Following the successful commissioning of the 1,500 MW Koppal Transmission Scheme, ReNew Power aims to complete the remaining transmission for an additional 3,500 MW by June 2024.

In a noteworthy development, an agreement was signed on Wednesday for the second joint investment in the transmission sector. This partnership involves Norfund, the Norwegian government’s investment fund for developing countries, and KLP, Norway’s largest pension company, through their joint venture company, KNI India AS. Norfund's share is sourced from Norway's newly established Climate Investment Fund, managed by Norfund.

ReNew Power highlighted that this investment aligns with its farm-down strategy, enabling the addition of further capacity. The synergies in project execution and operations, combined with ReNew’s in-house capabilities, play a crucial role in enhancing returns and mitigating risks associated with completion timelines for ReNew’s core renewable energy development business.

To date, ReNew Power has secured three transmission projects in Karnataka under the Interstate Transmission System (ISTS). These projects are integral to the ISTS for the transmission of 5 gigawatts (GW) of wind and solar power potential identified in Karnataka under Phase-I, designed for implementation and interconnection with the ISTS grid over a 35-year period.

The Central Transmission Utility will oversee billing, collection, and disbursement of revenue for these transmission projects, contributing to the ongoing efforts to accelerate the transition to renewable energy. The agreement to invest in the Gadag project for a 49 per cent stake represents the second investment in the partnership, with aspirations for further collaborative ventures.

HBL