Think Energy, a New-Jersey based solar development company, and EverStream Capital Management, a renewable energy-focused private equity fund manager, have come together to form a joint venture (JV).
The JV recently won a solar ground-mounted project tendered by Karnataka Renewable Energy Development Ltd (KREDL). The JV confirmed to pv magazine: “On February 1, 2018 Think Energy – EverStream Joint Venture won a 55 MW Karnataka tender.”
“The solar tariff is fixed at INR 3.06 ($0.047)/kWh,” Think Energy told pv magazine. The location for the solar project has not yet been disclosed.
The JV had also participated in recent tenders issued by the Solar Energy Corporation of India (SECI) in which they also won projects, totaling 23.39 MW in the states of Karnataka, Maharashtra, Gujarat, and Andhra Pradesh.
With pursuance, the JV has plans to acquire around 2,000 MW of solar projects throughout India over next three years. The investment expected to be made is around $300 million equity.
The two companies, in partnership with a Spanish developer, have already developed and financed 100 MW portfolio of utility scale solar projects in the state of Telangana. The portfolio of six projects were successfully commissioned in the fourth-quarter of 2017 and are now commercially operational.
Ravishankar Tumuluri, MD of the JV, said that the Indian solar market is slowly and steadily transitioning itself from large-scale ground mounted generation towards distributed generation, and from government Power Purchase Agreements (PPAs) towards commercial & industrial PPAs.
Moreover, the emphasis would be on projects utilizing energy storage technologies in the coming years. “With battery technology costs falling, distributed solar generation with commercial & industrial customers will drive the growth,” Tumuluri added.