As previously announced, ReNew has entered into a definitive agreement for a business combination with RMG Acquisition Corporation II, a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company.
Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
The 300 MW project, located in Gujarat’s Kutch District, will provide clean power to the states of Haryana and Orissa at a wholesale rate of 2.44 Indian Rupees (US $0.034) per unit (kWh), a lowe rate than that of power generated through conventional thermal power plants in the region.
The project will also provide direct employment to over 200 people.
Speaking about the project, Founder, Chairman and CEO of ReNew Power, Sumant Sinha said, “The commissioning of our wind farm project in the state of Gujarat is a significant achievement for everyone at ReNew Power. The team worked hard to put together one of the largest wind farms in the state, with 120 turbines, and laid 73 kms of extra high voltage transmission lines and over 330 kms of medium voltage transmission lines despite major disruptions due to the COVID-19 pandemic. This is an important achievement for ReNew, and for India as the country continues down the path of decarbonization.”