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Orange Renewable signs Power Purchase Agreement with SECI to develop a 100 MW solar power project in Maharashtra

India Blooms News Service | | Apr 15, 2016, at 09:50 pm

Kolkata, Apr 15 (IBNS) : Orange Renewable, a subsidiary of Singapore based AT Holdings Pte Ltd, has signed Power Purchase Agreement with Solar Energy Corporation of India Limited (SECI) for development of 100 MW solar power project in Maharashtra under JNNSM Phase- II, Batch â€“ III Scheme.

SECI has been designated as the nodal agency of GOI for implementation of MNRE schemes for developing grid connected solar power capacity. MNRE has revised the cumulative targets under National Solar Mission from 20 GW to 100 GW by 2021-22 which has given a big boost to the Indian Solar sector and has made India the preferred destination for investors.

Orange Renewable has won this contract through a competitive bidding process followed by online live reverse auction conducted by SECI on TCIL platform. In the reverse auction processonly 8 bidders were able to bag the projects where Orange Renewable emerged as one of the largest capacity off taker in this bidding.

Total tendered capacity was 450 MW and the projects fall under a Non-Solar Park Scheme. Orange Renewable will receive an average power tariff of INR 4.43 per kilowatt-hour for the next 25 years from commercial operation date of this project which is scheduled in 2017.

Speaking on the development, Naresh Mansukhani, Country Head (Solar) at Orange Renewable, said, "The agreement with SECI is the first footstep of Orange Renewable towards the company’s Solar Energy portfolio expansion strategy in India.”

#Power Purchase Agreement # Maharashtra # SECI

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