Canadian Solar, a vertically-integrated manufacturer of silicon ingots, wafers and PV cells and modules, and the Solar Energy Corporation of India (SECI) have signed power purchase agreement (PPA) for solar projects aggregating 80 MW in the state of Maharashtra. The PPA will be in force for a period of 25 years.
Mercom has previously reported that Canadian Solar won bids to develop 80 MW of solar in Maharashtra at a fixed tariff of Rs.4.43 (~$0.066)/kWh and a viability gap funding (VGF) of Rs.1.999 million (~$0.030 million)/MW.
These projects are scheduled to be commissioned towards the end of 2017, stated the company. “We are pleased to secure our first 80 MW of solar power projects with SECI. This investment adds to our India pipeline that stands at 110 MW and represents a significant milestone for Canadian Solar in one of world’s fastest growing renewables markets,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Image Credit: Canadian Solar
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.