Power News We love to talk!
The Suzlon group today announced that it has entered into a joint venture with Ostro Energy for the development and construction of a 50-MW solar project in Telangana.
According to the contract signed between Ostro Energy and the Suzlon group on Monday, Ostro Energy shall acquire 49 per cent stake in Prathamesh Solarfarms, a special purpose vehicle (SPV) set up by Suzlon to execute this project, the company said in a statement.
Ostro Energy has the option to acquire the balance 51 per cent in future in accordance with relevant rules and regulations. The offtaker of this project will be Telangana Southern Power Distribution Company, the statement said.
Suzlon will be responsible for the project commissioning and also provide comprehensive operation and maintenance services for 25 years. “The project is expected to be commissioned in financial year 2017 (FY17) and will be funded 75 per cent by debt and 25 per cent by equity,” it said.
Suzlon won solar projects totalling 210 MW in Telangana through a competitive bidding process and the power purchase agreements (PPAs) for the same were signed in February. These include one project of 100 MW, one of 50 MW and four projects of 15 MW each.
“With the government’s thrust on renewables... this is the right time for us to foray into solar energy. This JV for our first solar project in Telangana is a significant step for the company towards a balanced energy portfolio. This is aligned to our vision to be a 1,000-MW renewable energy company in India by 2018,” said Ostro Energy CEO Ranjit Gupta.
“We believe that if India’s renewable potential is unlocked, it can transform the country’s energy architecture to be dominated by clean energy sources. We look forward to our continuing partnership with Ostro and contributing in the country’s energy security,” said Suzlon Group CEO J P Chalasani.
- Nearly half the countrys coal fired power capacity remains unutilised this monsoon season Read more
- Private players cry foul over 'unfair' project allotment to BHEL Read more
- GERMI to train youth for rooftop solar installation Read more
- TAPI gas pipeline project to start from December 13 Read more
- Telangana seeks adequate power supply to agri sector & industries Read more
- Sacrifices all round to fuel gas gencos Read more
- Starlit Power may bid for solar parks with Chinese partner Dynavolt Power Read more
- State oil companies corner one-third of small fields in first auction Read more
- Russia ready to discuss oil-price bands, output cuts with OPEC Read more
- Unhappy with govt arrangement, RIL and BP seek clarity on natural gas pricing Read more