June 8, 2021 Read More →

Norway renewable producer to develop 900MW solar plant in India

PV Tech:

Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.

The project has a 25-year power purchase agreement with Solar Energy Corporation of India, which was secured during a tender in 2018.

It marks Scatec’s first project in India, with the company’s CEO Raymond Carlsen noting that “the country is targeting a significant growth in renewable energy capacity by 2030 and is a key growth market for renewables. We have already established presence on the ground and are positioning for future tenders within solar, wind and hybrids.”

The partnership follows Scatec announcing in April that it was looking to collaborate with project developers in India as it looked to get a foothold in the market. In March, it unveiled a NOK 100 billion (US$11.7 billion) plan that will see the company expand its renewables portfolio to 15GW over the next four years, with a number of key markets for expansion noted including India.

An estimated total capex of US$400 million will be required for Scatec and ACME’s solar project, with 75% debt financing from an Indian state-owned lender.

[Molly Lempriere]

More: Scatec partners ACME to enter Indian market with 900MW project

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