The plant will attract an investment of Rs 750 crore into the state, with Rs 500 crore coming from ReNew Power to set up 100 MW and Rs 250 crore from Shapoorji Pallonji for the remaining 50 MW.
Even though postponing the duty on solar cell imports from China and Malaysia is not a long-term resolution, it will offer relief to developers with ongoing PV projects, especially for those with shipments in transit or which arrived after 30 July.
As per the court order, Shapoorji Pallonji can retrieve its solar PV panel consignment at Chennai port, which has been cleared by customs, provided it pays the safeguard duty in case the related notification is upheld.
The independent power producer has continuously expanded its project pipeline, routinely winning multimegawatt tenders. The latest winning bid relates to a pending PPA at Rs2.64 per kWh.
Credit Suisse, a swiss financial services firm, is appointed as an advisor for the deal, and the total value of the transaction is estimated at around $180 million.
Age-old conglomerate SP Group seeks new investors, realizing the pace in India’s green energy equity market.
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