Germany-based integrated PV and energy storage firm IBC Solar has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for a 20MW(AC) solar project in the Indian state of Odisha.
This was part of the 270MW(AC) auction-based tender in the state 12 months ago. At the time, IBC won the project at a fixed tariff of INR4.43/kWh (US$0.067) combined with viability gap funding (VGF) of INR4.925 million (US$76,809). The project is due to be commissioned by late 2017.
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For the construction phase, IBC has also bagged INR980 million in debt financing with an 18-year term from L&T Infrastructure Finance.