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“The venture will concentrate on utility-scale solar PV while also looking into onshore wind and energy storage systems. According to industry estimates, 1 GW of solar PV can power the annual daytime consumption of more than 1.2 million homes.” reported Enerdatics.

Transactions for sub-50MW portfolios of assets surged by about 50% year-on-year in 2021, according to Enerdatics data. This was driven by the need for renewable energy sources to satisfy residential electricity demand.

According to Enerdatics, in 2021, the volume of transactions in the portfolio of assets under 50 MW increased by about 50% year-on-year. In addition, falling installation costs and constraints on land availability have also spurred the growth of small community solar and rooftop PV projects.

The agreement with Tata will help RWE achieve its goal of increasing its global offshore wind capacity from 2.4 GW to 8 GW by 2030 by tapping into attractive growth markets in North America and East Asia, said Enerdatics, a research company.