Financing totaling US$40 million has been closed with the Power Finance Corporation, despite difficulties, including the recently imposed 25% safeguard duty, says Phelan.
EPC, Tata Solar is currently constructing the large-scale Bhadla Phase-IV Solar Park in Rajasthan. It is set to be operational by this October. Phelan will sell the generated electricity to the Solar Energy Corporation of India (SECI) under a 25 year PPA, which was signed last November.
Phelan won the project under an auction held last year by SECI. At the time, it submitted the lowest bid of INR 2.62 (around US$0.0406)/kWh.
During the same auction, Avaada Power, the renewable energy arm of the newly emerged Welspun Energy, and SBG Cleantech each won 100 MW, with tariffs of INR 2.62/kWh and INR 2.63/kWh, respectively.
In the 500 MW Bhadla Phase-III Solar Park auction, which was held a week later, even lower tariffs were recorded. Acme Solar lodged the winning bid of INR 2.44 ($ 0.037)/kWh to develop 200 MW, while SBG Cleantech quoted INR 2.45 ($ 0.038)/kWh to bag an order for 300 MW.