IBC SOLAR AG, a global leader in photovoltaic (PV) systems and energy storage, has signed a Power Purchase Agreement (PPA) for a 20 MW (AC) solar plant with the Solar Energy Corporation of India (SECI). The project was part of a 270 MW (AC) PV tender in the state of Odisha and assigned to IBC SOLAR through a competitive auction process during 2016. The PV system is planned to be put into operation by late 2017.
IBC SOLAR has furthermore concluded negotiations about a debt finance of approximately 980 million INR for the Odisha Project with L&T Infrastructure Finance Co. Ltd., a leading Indian financial company in the infrastructure sector. This ensures the financing of the project from the construction phase. The local financing has a term of 18 years.
"We are pleased to announce the signing of the PPA with SECI, a company of the Government of India, and are confident to realise this project in the state of Odisha within the stipulated timeframe and according to our global quality standards. The confidence expressed by lenders in IBC SOLAR helps to further scale up our business in India”, Mr. Shailendra Bebortha, Managing Director of IBC SOLAR Projects India Private Limited, a wholly owned subsidiary of IBC SOLAR Energy, commented.