Japan’s Mitsui to buy into ReNew’s renewables project

Japan’s Mitsui said on Wednesday it plans to invest in a large-scale renewable energy project that ReNew has been developing by committing through its accumulated knowledge of the electric power business in Japan.

The company said in a statement that the project will consist of three newly built wind farms  which have the capacity of 900MW in total. Moreover a solar plus battery storage farm (400MW plus up to 100 MWh) – 1,300 MW plus up to 100 MWh in total capacity, across three states in India.

In return it will  provide 400 MW electricity to Solar Energy Corporation of India which is  an Indian central government-owned entity.

“This Project commits electricity supply of 400 MW with high capacity factor on a round-the-clock basis from a portfolio consisting of multiple wind and solar plus battery storage farms,” said Mitsui in the statement.

They added that the total cost of the project will be around US$ 1.35billion and is due to begin in August 2023.

“This round-the-clock scheme Project, enabling electricity supply with 100% renewables, is in line with the Indian Government's policy, and is expected to play an important role in future to replace coal-fired generation currently dominant in India,” said Mitsui.

India, the third largest emitter of Greenhouse Gas, declared it plans to  cut its emissions to net zero by 2070 at the 26th Conference of Parties ("COP26") held in Glasgow in November 2021.