India Power Green Utility Private Limited (IPGUPL), a wholly owned subsidiary of India Power Corporation Limited, will co-develop 20 MW of solar in Uttarakhand in partnership with Punj Lloyd. The project will consist of two 10 MW solar projects.
For these projects, IPGUPL has acquired a 49 percent stake in PL Sunrays Power and PL Renewable, wholly owned subsidiaries of Punj Lloyd.
According to Mercom’s India Solar Project Tracker, PL Sunrays Power had won a bid to develop 10 MW of solar by quoting a tariff of Rs.5.99 (~$0.0896)/kWh and PL Renewable won a bid to develop 10 MW solar project by quoting a tariff of Rs.5.84 (~$0.0874)/kWh.
This is not a new model in the Indian solar sector. In October 2016, Mercom had reported that Suzlon Energy, a renewable energy project developer, entered into partnerships with Unisun Energy and Canadian Solar to construct solar projects aggregating 45 MW in Telangana.
Image credit: By Schwnj (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
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.