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.