Germany-based solar developer IBC Solar has signed a Power purchase agreement (PPA) with Solar Energy Corporation of India (SECI), a unit of the Ministry of New and Renewable Energy of India. The PPA is of 20 MW (AC) solar plant; part of 270 MW (AC) PV project in the state of Odisha.
IBC Solar was assigned this project during the 2016 competitive auction process, and is planned to be put into operation by late 2017.
Negotiations have been concluded with finance company L&T finance. L&T finance has strong relationships with mid-sized to large companies. L&T will finance the debt of approximately INR 980 million ($15.3 million) for the Odisha project.
“We are pleased to sign the PPA with SECI, a company of the Indian government. Despite the short period of time until the planned commissioning, we are sure that this project will be timely and in accordance with our quality standards. Investor confidence in IBC SOLAR helps us expand our business in India, “said Shailendra Bebortha, Managing Director of IBC SOLAR Projects Private Limited, a wholly-owned subsidiary of IBC SOLAR Energy GmbH.
IBC Solar has a strong pipeline of projects underway in India, having already connected six PV power plants in the country so far this year.
By Ajinkya Waradpande