RPower secures funds for 40 MW solar energy plant in India

Giving a thrust to its ambitious renewable energy programme, Anil Ambani-owned RPower on Friday announced that it had secured a Rs.400-crore loan from the U.S. Emport-Import Bank for a 40-MW solar plant being set up in Rajasthan.

The company is developing the country’s largest solar photovoltaic (PV) project with 40-MW generation capacity, which is scheduled for commissioning by March, 2012. The U.S. Exim Bank approved the loan at its meeting on August 25.

A long-term Power Purchase Agreement (PPA) for the PV project has been signed with group company Reliance Infrastructure at the Maharashtra Electricity Regulatory Commission (MERC)-approved tariff. The company had already placed equipment orders with a U.S. supplier for the project which will be eligible for carbon credits.

The 40-MW solar plant is the first plant in a series of solar energy projects planned by the company. This would be followed by commissioning of another 100-MW solar plant in Rajasthan, which would be a concentrating solar energy (CSP) project to be commissioned by May, 2013. The long-term power purchase agreement for the Concentrating Solar Thermal Power project was signed with NTPC Vidyut Vyapar Nigam Ltd (NTPC’s) power trading arm) at a tariff of Rs.11.97 per unit. The company already has wind projects in operation with capacities of around 100 MW in Gujarat, Maharashtra and Tamil Nadu.