ACME Solar Energy Private Ltd has a pipeline of solar projects which is estimated to reach more than 350 megawatts of renewable energy.
The Asian Development Bank is extending loans of up to $100 million to aid in private sector solar power projects in India.
ACME Solar Energy Private Ltd has a pipeline of solar projects which is estimated to reach more than 350 megawatts of renewable energy.
A.D.B. will support the development and commissioning of solar projects of up to 200 MW, 100 MW of which is already awarded under the Jawaharlal Nehru National Solar Missions phase 2. Others are yet to be identified. Projects awarded to date are located in the Jodhpur district of Rajasthan state, where solar irradiance levels are among the highest in the country.
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The projects will make use of solar panels from suppliers that have been approved by the A.D.B. Power generated from the projects will be sold to the Solar Energy Corporation of India at a fixed tariff of Rs5.45, or around US10 cents, per kilowatt hour over the next 25 years.
A.D.B. financing for those projects has reached financial close.
“Solar and other renewable power sources are essential for India’s energy diversification and security, and for underpinning the country’s long term growth. A.D.B.’s support for ACME will help break down barriers for more private sector investment, including foreign direct investment, in clean energy infrastructure,” said Isabelle Chauche, investment specialist in A.D.B.’s Private Sector Operations Department.
As of September 2014, the total installed solar power capacity in India has reached 2,766 MW – a long distance from the Jawaharlal Nehru National Solar Mission which has a goal of having installed generation capacity of 22,000 MW of solar power in India by 2022.
The International Finance Corporation and commercial banks will also provide estimated loans of $100 million and ACME Solar Energy Private Ltd estimated equity of $65 million, for a total investment cost of $265 million. – EcoSeed Staff
