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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Marko Kremer

Senior Director, DIF Australia

FRV’s main strength is its ability to develop all processes internally. This provides the knowledge and capacity to anticipate what will happen and explain it clearly.

José Benjumea

Founder, FRV

Everything has to change to stay the same. Energy has to be accessible, clean and sustainable, but if it is not affordable, the change will never come.

Scott Mackin

Managing Partner and Co-President, Denham Capital

Denham Capital has been proud to partner with the team at FRV for nearly three years in this very successful investment. Rafael, José and their colleagues have captured a leading position in key emerging markets where solar undercuts the marginal cost of electricity.