FRV wins a 135 MWp power purchase agreement in reverse auction under the National Solar Mission program in India

May 31, 2016
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Fotowatio Renewable Ventures (FRV), a leading global developer of large-scale solar power plants, has been awarded a 135 MW power purchase agreement (PPA) in a reverse auction, conducted by Solar Energy Corporation of India Limited (SECI). The auction falls under the National Solar Mission program which was launched by the Government of India to achieve 100 GW of installed solar capacity in the country by 2022.

The 25-year agreement was signed at a fixed tariff of US 6.67 cents/kWh (4.43 INR/kWh) coupled with Viability Gap Funding from SECI.

Scheduled to commence operation in 2017, the project, which is FRV’s first in India, will be developed within Ananthapuramu Solar Park in Andhra Pradesh, and will have land allocated and interconnection provided by public entities. Upon completion, the solar plant will be able to meet the electrical needs of approximately 35,000 average homes, while eliminating approximately 190,000t CO2 emissions per year.


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Rafael Benjumea

Founder, FRV

At FRV we have a strong commitment to the economic and social development of the markets and communities in which we operate, and we are pleased to be able to deliver on this commitment through this innovative program.

Alberto Sicre

General Director, OHL Industrial

FRV’s main strengths are its credibility, track record and experience in the sector. It is one of the few market players that, when considering new projects, shows real interest and commitment to delivery, and not just on a quick return on their investment.

Gianfranco Carassale

Lead Investment Officer, Inter-American Investment Corporation (IIC)

They are known for their expertise in solar technology as well as for their deep knowledge of the process, the financial structure and the energy market as a whole. This enables them to be extremely competitive. This way they reach efficiency and maximize profits, developing economically viable projects even at very tight and ambitious price targets.