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.
- US keen to participate in Numaligarh Refinery expansion Read more
- Mahindra looks to diversify electric vehicle portfolio Read more
- Defunct Indraprastha power station to be converted into solar plant; move to showcase Indias commitment to clean energy Read more
- CERC determines charges for transmission infrastructure associated with Pallatana and Bongaigaon TPPs Read more
- PNGRB invites bids for CNG retailing licences in 34 cities Read more
- Solar manufacturers at ease over WTO ruling upholding US complaint against India Read more
- Cheaper, easier loans for green energy projects Read more
- Cloud over Uttarakhand hydropower projects remains Read more
- First Solar India to divest 190 MW of assets to IDFC Alternatives Read more
- Will privatization help fire up the coal industry? Read more