Indian renewable energy developer Sprng Energy has recently purchased 165 MW of solar PV modules from China’s Risen Energy. The modules will be used for the Anantapur Solar project that will supply power to the State of Andhra Pradesh through NTPC at a competitive price of INR 2.72/kWh.
“This latest project of Sprng Energy is an integral part of overall plan to install more than 2 GW of renewable energy within India, a little over 1.2% of the total renewable capacity target set by the Indian Government’s 175 GW goal”—read a company statement.
Sprng Energy was set up in 2017 by UK-based private equity investor Actis with an equity commitment of US$475 million.
While this is the first award to Risen by Sprng, Risen has supplied circa 350 MW of solar PV modules to another Actis entity in an alternate growth market.
Speaking about the order placement, Gaurav Sood, CEO of Sprng Energy, said: “Developing a solar PV project under current conditions is significantly more complicated than normal. Establishing secured supply of materials, labour and timely approvals is an intensive logistical exercise. Our choice of Risen was streamlined from their historical performance and enhanced with their constructive approach to dealing with our specific requirements.”
During the year 2019-20, domestic solar manufacturers supplied around 40% of the modules installed in India – for utility-scale projects, on-site consumption, off-grid capacity, and solar pumps. Two of the top three suppliers were Indian: Waaree, with 10.1% of the module market, and Adani, with 8.6%, according to JMK Research.
Risen was the second-largest supplier, accounting for around 9.9% of the Indian market.
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