GURGAON, India, June 8, 2021 /PRNewswire/ -- ReNew Power ("ReNew"
or "the Company"), India's leading
renewable energy company, today announced a collaboration agreement
with the Precourt Institute for Energy at Stanford University and its StorageX Initiative
("StorageX"). StorageX is an academic-industry-government
initiative that aims to solve the most pressing real-world
challenges in battery storage. ReNew's collaboration with StorageX
will focus initially on challenges surrounding grid level battery
usage and performance in India,
with an eye toward optimizing the performance of storage assets,
and ultimately driving stable and firm power delivery to the
grid.
ReNew will participate in StorageX through the Stanford Energy
Corporate Affiliate (SECA) program, which facilitates interactions
between organizations and Stanford
faculty and graduate students across the full range of
energy-related topics. Through its membership in the SECA program,
ReNew will have access to world-class research and opportunities
for collaboration on research, education and training.
Speaking about the affiliation, Founder, Chairman and
CEO of ReNew Power, Mr. Sumant
Sinha said, "The collaboration with Stanford's StorageX Initiative will broaden ReNew's
field of vision and help us in recognizing promising new
technologies quickly. Reliable renewable power generation in
India is critical to meeting the
government's goal of putting 450 gigawatts of renewable power
online by 2030. ReNew is proud to work with Stanford's Precourt Institute for Energy in
ensuring that economical and efficient energy storage technologies
become critical in reducing the intermittency of renewable power in
countries around the world."
Grid scale battery storage has emerged as a crucial enabler for
solidifying India's long-term
plans for firm, reliable electricity from grid-integrated renewable
sources. The ability to deliver reliable power from renewable
sources at peak and off-peak hours is critical to power
distribution companies' plans to meet obligations for purchasing
renewable power.
Recognizing this increasing importance, in January 2020, ReNew bid on and won India's first auction for renewable power
generation combined with energy storage for guaranteed peak power
supply capability. The 300 MW project was awarded by the Solar
Energy Corporation of India.
Additionally, ReNew has also won a tender to provide 400 MW of
"Round-the-Clock" power, through renewable sources. This tender,
held in May 2020, was India's first to require "Round-the-Clock"
reliable power generation from renewable sources. This project will
use a combination of wind and solar renewable generation assets,
along with storage technology, to provide annual capacity
utilization of 80% - approximately double that of regular renewable
energy generation projects.
About ReNew Power
ReNew Power Private Limited is India's leading renewable energy independent
power producer (IPP) by capacity and is the 13th largest global
renewable IPP by operational capacity. ReNew develops, builds,
owns, and operates utility-scale wind energy projects,
utility-scale solar energy projects, utility-scale firm power
projects and distributed solar energy projects. As of March 31st, 2021, ReNew Power had a total
capacity of close to 10 GW of wind and solar energy projects across
India, including commissioned and
committed projects. ReNew has a strong track record of organic and
inorganic growth. ReNew's current group of stockholders contain
several marquee investors including Goldman Sachs, CPP Investments,
Abu Dhabi Investment Authority, GEF SACEF and JERA.
As previously announced, ReNew has entered into a
definitive agreement for a business combination with RMG
Acquisition Corporation II (NASDAQ: RMGB), 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.
For more information, please
visit: www.renewpower.in; Follow ReNew Power on
Twitter @ReNew_Power
No Offer or Solicitation
This press release is for informational purposes only and
shall neither constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which the offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.
Press Enquiries
Arijit
Banerjee
arijit.banerjee@renewpower.in
+91 9811609245
Madhur
Kalra
Madhur.kalra@renewpower.in
+91 9999016790
Investor Enquiries
Caldwell Bailey
ICR
Inc.
IR@renewpower.in
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SOURCE ReNew Power Private Limited