Indian independent power producer (IPP) Sunsure Energy has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for a 450MWp project in the state of Rajasthan.
The company plans to invest US$210 million into the project, which will be connected to India’s Inter-State Transmission System (ISTS) upon completion, which Sunsure expects to take place in December 2026. SECI first awarded the capacity to Sunsure in its Tranche XIII auction early last year, and the project will help the company meet its goal of expanding its operational capacity to 5GW by 2028.
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“Over the last decade, we have built exceptional capabilities and presence in the commercial and industrial (C&I) segment, and it shall continue to fuel our growth over the next decade,” said Sunsure CEO Shashank Sharma. “We have made a foray in the utility segment as it provides us with opportunities to scale and establish a robust portfolio that integrates creditworthy C&I customers with sovereign-rated offtakers like SECI, all while maintaining healthy returns on equity.”
Rajasthan has long been a key component of India’s renewable energy transition in general, and its solar growth in particular. Last December, Jindal Renewables and Waaree Energies signed an engineering, procurement and construction (EPC) contract for the former’s latest project, a 2GW facility, to be built in the state.
However, a report from the Institute for Energy Economics and Financial Analysis (IEEFA), published last year, found that Rajasthan and fellow Indian solar leader Gujarat would need “corrective actions” in order to maintain momentum in their respective solar sectors.
The news follows a record-breaking year for the Indian solar sector, that saw Indian developers bring 24.5GW of new solar capacity into operation.
