Dublin-based clean energy firm Phelan Energy Group has secured financial close on a 50MW solar PV project in Bhadla, Rajasthan, India.
The project is currently under construction, with Indian firm Tata acting as EPC contractor.
Phelan won the project in May 2017 for the Bhadla Phase-IV Solar Park in Rajasthan with a tariff of INR2.62/kWh, one of the lowest ever solar bids at the time. The auction was organized by the Solar Energy Corporation of India (SECI).
“The Phelan vision is to continue to achieve the lowest cost of solar energy in the world. We are extremely focused on the cutting-edge Technology, efficient design and project management, together with a proprietary cost to power financial model, whilst at the same time delivering high quality long-term plant performance,” said Phelan Energy chairman, Paschal Phelan.
He added that Phelan sees India as a steady growth market for the years to come.
However Bridge to India recently forecast wind and solar in India to drop 49% in 2018/19.