The Basque developer landed 15% of the capacity available in the auction and will construct a 396 MWdc solar project in Rajasthan which will sell power to SECI for an Indian record low solar electricity tariff of Rs2.36/kWh under a 25-year power purchase agreement (PPA).
Javier Arellano, Head of Corporate Development and Investor Relations at Getxo-based Solarpack told pv magazine: “The plant will be newly developed and the project will represent a total investment of approx. 129 million euros. The project will be financed with long-term senior debt from financing institutions, and equity provided by Solarpack.”
Solarpack expects the plant to become operational in 2022, when it will generate around 753 GWh per year, and anticipates income of more than Rs4,240 crore from the sale of electricity over the PPA contract lifetime.
“Solarpack is a highly specialized integrated solar PV platform that covers the full value chain of utility scale solar PV project integration,” Arellano told pv magazine. “We do everything from greenfield development to financing, construction and O&M [operations and maintenance]. Being present in the entire value chain since 2005 allows us to have an evolving, in-depth knowledge in all the key elements that make a project competitive: [the] right project location, competitive capex [capital expenditure] due to continuously improved engineering design, long-standing relationships with Tier 1 suppliers and subcontractors and experienced construction managers, optimal financial structure and competitive O&M provided by our own teams.”
Solarpack is a multinational which claims to have developed 876 MW of solar generation capacity in addition to 509 MW of facilities implemented on a ‘turnkey’ or engineering, procurement and construction basis.
The company, which began activity in India in 2015, generates power at 15 projects with a total capacity of 545 MW in Spain, Chile and Peru as well as India.