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Schanti Partners, a US-based asset management company, has put aside INR5.8 billion (US$105.1 million) for the development of a 50MW solar power project in the district of Kaimur, Bihar, India, Energy Business Review has revealed.
The company’s subsidiary Sparkle Solar Bihar I will implement the project which will be developed in five phases. Each phase will involve the installation of 10MW. The project will utilize PV equipment based on CPV technology provided by Sol Focus.
The company has submitted a proposal for a 25-year PPA to the state-owned utility Bihar State Electricity Board (BSEB). The proposed PPA rate, as stated by The Times of India, is INR12.50 (US$0.225)kWh.
Having already secured finance worth US$30 million from the US Ex-Im Bank for the project, Schanti Partners is hoping to secure a 30-year land lease contract for the project site. However, the loan deal requires the firm to source its solar equipment from the US.