IBC Solar, a PV system and energy storage company, signed power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for a 20 MW solar project located in Odisha.

IBC Solar also raised approximately ₹980 million (~$15.3 million) in debt financing for the project from L&T Infrastructure Finance. The construction financing has a term of 18 years.

“We are pleased to announce the signing of the PPA with SECI and are confident that we will develop this project within the stipulated timeframe and according to our global quality standards. The confidence expressed by lenders in IBC SOLAR helps us to further scale up our business in India,” said Mr. Shailendra Bebortha, Managing Director of IBC SOLAR Projects India Private Limited, a wholly-owned subsidiary of IBC SOLAR Energy a German company.

According to Mercom’s India Solar Project Tracker, IBC Solar won the project in August 2016, by quoting VGF of ₹4.925 million (~$76,695)/MW, along with the fixed tariff of ₹4.43 (~$0.069)/kWh, under NSM Phase-II, Batch 4.

Image Credit: IBC Solar