Indian solar projects secure financing

August 8, 2011
Facebook
Twitter
LinkedIn
Reddit
Email

India’s National Solar Mission has taken a major step forward by approving 35 new systems. The projects will contribute 610MW towards the government’s goal of generating 20GW through solar by 2022.

Each project signed a power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam (NVVN) in January and was given six months to secure financial backing. All bar two of the 37 developers entering the auction were able to submit evidence they had arranged funding; the two rejected projects had capacities of 5MW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Seven of the successful applicants are solar thermal projects – totalling 470MW – while the remaining 28 are regular PV systems – totalling 140MW. Among the companies building the larger thermal projects include billionaire Anil Ambani’s Reliance Power and Lanco Infratech. They both faced forfeiting as much as INR1.89 billion (US$42 million) in bank guarantees if they failed to secure financial backing.

The PV projects have until January 2012 to install the systems, while the solar thermal projects have until 2013.

Read Next

Premium
February 11, 2026
PV Talk: Wood Mackenzie’s Yana Hryshko argues that MENA is emerging as a solar manufacturing hub, driven, in part, by Chinese partnerships.
February 11, 2026
The National Laboratory of the Rockies (NLR), previously known as the National Renewable Energy Lab, has laid off 134 employees.
February 11, 2026
China expects to add 180-240GW of new solar PV capacity in 2026, according to the latest figures from the CPIA.
February 11, 2026
India’s MNREA has released the fourth revision of its ALMM II for solar cells, increasing the total enlisted manufacturing capacity to 26GW. 
February 11, 2026
A round-up of a number of European project stories from this week, including METLEN, European Energy and TSE.
February 11, 2026
The UK government's Allocation round 7a (AR7a) of the Contracts for Difference (CfD) auction has awarded a record 4.9GW of solar PV.

Upcoming Events

Upcoming Webinars
February 18, 2026
9am PST / 5pm GMT
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA
Solar Media Events
October 13, 2026
San Francisco Bay Area, USA