Global renewables project developer, New Generation Power, and engineering, procurement and construction company, Premier Solar Group have signed a power purchase agreement for 315MW of solar energy in Andhra Pradesh.
The PPA is reportedly the largest signed in India.
The 315MW is to be completed by 2014 and is part of a portfolio of 1,000MW development sites in Andhra Pradesh’s solar scheme.
New Generation Power is to build, own and operate the sites, Premier Solar and Mumbai based WAARE Energies are jointly contracted for EPC services for the first phase of 70MW, with the remaining 245MW contracted for WAARE.
Hitesh Doshi, chairman of WAAREE said: “We are very happy with a partnership that will bring [greener], sustainable energy to the world.”
The 315MW project will cost an estimated US$400 million over a 12 month installation period.
"New Generation Power will build a world class solar facility that India will be proud to call its own that will create significant job opportunities and economic development for Andhra Pradesh,” said Chirinjeev Kathuria, the chairman of New Generation Power.
Equipment will be supplied from a factory in Gujarat, operated by Patriot Solar Group and WAARE. “Patriot Solar Group is truly delighted to be a part of this world class team. Together with WAAREE Group, the production facilities for our full line of tracking, mounting and mobile fixed off-grid solar systems are already being developed,” said Patriot Solar’s president, Jeff Mathie.
Long term finance is still under negotiation with various financial institutions.
India currently has a national solar generation target of 10GW by 2017.