Ayana Renewable Power has been awarded a contract to supply 300 MW of renewable energy to REMCL, a joint venture between the Indian Ministry of Railways and RITES Ltd. The contract entails the installation of around 1 GW of solar and wind capacity, supported by a storage solution, in order to supply round-the-clock power. The project will be executed on a build-own-operate basis.
The award followed a reverse bid auction for 900 MW of capacity tendered by REMCL. Ayana's Project Nine Renewable Energy subsidiary won the capacity at a price of INR4.1 (US$0.050)/kWh.
Ayana has been actively expanding its presence in India with the aim of achieving a renewable energy portfolio of over 10 GW. This contract represents a significant step forward in achieving that target, and will contribute towards the country's goal of achieving 175 GW of renewable energy capacity by 2022.
