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(Bloomberg) — ReNew Energy Global Plc is being forced to curb its solar power output, putting profits at risk, as India’s inadequate grid infrastructure struggles to absorb renewables during peak generation hours.
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The wind and solar plant operator sees up to 15% of its solar electricity wasted on some days because the grid is unable to integrate the extra supply when ReNew’s production peaks during daylight hours, according to its chief executive officer.
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“The fact is you’re asked not to generate, and that is losing us power,” said Sumant Sinha, adding that any pause in generation impacts the company’s profit. “The grid build-out has got delayed quite substantially and therefore we are just being told to back down.”
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India is set to see a blistering summer and blackouts as its grid infrastructure struggles to cope with record high power consumption and a mismatch of renewables supply and demand. On some days last year, about 40% of solar power output was denied access to the national network, according to Grid Controller of India Ltd.
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ReNew, which accounts for about 5% of India’s 223 gigawatts of renewables capacity, is planning to set up almost four gigawatt-hours of batteries alongside its renewable projects this year, Sinha said, a move that could help reduce the wastage by storing electricity until there’s demand for it. The imbalance between midday peak production and high demand in the evening will begin to be addressed as more batteries come online, he added.
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The firm, which also produces solar panels, is seeing higher costs as shipping gets more expensive due to the Iran war, as well as a delay in deliveries of raw materials.
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Still, any overall increase in costs “is probably not more than a few percentage points” and is “hopefully temporary,” he said.
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The company expects its portfolio to skew toward solar going forward due to challenges emerging from falling wind speeds, Sinha said.
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—With assistance from Rajesh Kumar Singh and Lou Del Bello.
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