Norwegian solar company Scatec has signed an agreement with ACME Group to jointly develop a 900 MW solar power plant in Rajasthan, India. ACME and Scatec will hold equal ownership of the solar project, which is expected to generate a total capital expenditure of US$400 million and obtain 75% of debt financing from an Indian state-owned bank.
ACME will provide turnkey engineering, procurement and construction services for the project. The project has signed a 25-year power purchase agreement with the Solar Energy Corporation of India (SECI), which was obtained through a bidding process in 2018. The construction of the site is expected to begin in 2021 and is scheduled to be completed in 2022. Once put into operation, the project is expected to generate 1,600GWh of clean energy per year.
Scatec CEO Raymond Carlsen said: “The country’s goal is to achieve significant growth in renewable energy production capacity by 2030, and is the main growth market for renewable energy.” Scatec’s goal is to reach 15GW of production capacity by the end of 2025, and it is expected India will become a major market in the next few years. This transaction is an important milestone for Scatec's future growth in the Indian market. "
Manoj Kumar Upadhyay, founder and chairman of ACME Group, said: “This partnership demonstrates the strong growth potential provided by India. It plans to achieve 450GW of renewable energy by 2030, supporting policies, the ease of doing business, and the Indian government’s investment The support of the global renewable energy companies.
"ACME brings the value of local expertise, local and cutting-edge technology to execute large projects at affordable prices."
Scatec will ensure that project delivery meets international health, safety, security and environment (HSSE) and environmental and social (E&S) standards. The company will also optimize the engineering, procurement and operations of the plant.
Keywords: overseas projects, new energy projects
The country’s Ministry of Mineral Resources and Energy has granted priority bidder status under the non-technology risk mitigation power procurement plan (RMIPPP).Editor/Baohongying、design/zhangtao
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