Indian developer, Acme Solar Energy, has been selected to build 74MW of PV in the state of Punjab.
The company won the contracts in a competitive tender for the installation of 250MW of solar capacity issued by the Punjab Energy Development Agency.
The company said it would be signing two power purchase agreements of 24MW and 50MW, for which it will receive tariffs of INR7.16/kWh (US$0.11) and INR7.06/kWh respectively.
ACME said the project would require an anticipated investment of INR600 crore (US$96.4 million).
Manoj Kumar Upadhyay, founder and chairman, of Acme, said: “We take pride in announcing our partnership with the Punjab State government as the largest solar power developer in the state, and help them in their endeavour to fuel the solar revolution in the country.”
Although Punjab’s 250MW tender round may sound trivial in comparison to the multiple gigawatts of outline project deals emanating from India in recent weeks, it forms part of a bigger plan in the state to build up to 2GW of solar.
Acme said it was aiming to build up to 7.5GW of solar in India by 2019. Last year the company won a US$100 million loan from the Asian Development Bank to fund its PV activities in India.