Renewable energy Independent Power Producer (IPP), Equis Energy, has commissioned a 135 MW (peak) grid-connected solar photovoltaic (PV) project in the state of Karnataka.
The project, poised to be the company’s largest so far, has been developed under the National Solar Mission (NSM) Phase-II Batch-III Tranche-V. The project has been developed in Karnataka’s Bagalkot district.
According to Mercom’s India Solar Tender Tracker, the capacity was part of the 1 GW tendered by Solar Energy Corporation of India (SECI) in February 2016. Out of the tendered capacity, 410 MW have been commissioned so far.
The Power Purchase Agreement (PPA) for this project was signed in August 2016 at a fixed tariff of ₹4.43 (~$0.068 )/kWh with a Viability Gap Funding (VGF) of ₹7.35 million (~$0.11 million)/MW.
The project has a generation output of approximately 224,000 MWh/year, collectively supplying power equivalent to the annual needs of approximately 200,000 homes, as well as saving 220,000 tons of CO2.
Nitin Apte, the CEO of Equis Energy, commented on the development saying, “Equis Energy has nearly 1 GW of renewable energy in operation and under development in India and we are excited about the prospects for continued growth, delivering low-cost, clean energy to Indian consumers and businesses.”
In January 2018, Mercom reported that the investment fund, Global Infrastructure Partners (GIP), closed on a deal to acquire a 100 percent stake in Equis Energy. The total transaction was valued at $5 billion and included the assumption of $1.3 billion in Equis Energy debt and ranks as the largest renewable energy generation acquisition in history according to the company.
According to Mercom’s India Solar Project Tracker, Equis Energy has an installed solar portfolio of 200 MW in India. This includes a 100 MW project in Telangana and the recently commissioned project in Karnataka.
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.