Scatec Partners With ACME For 900 MW Solar Plant in India

Jun 3, 2021 01:34 PM ET
  • Norway headquartered sustainable power manufacturer as well as distributor, Scatec has today introduced its collaboration with an Indian solar programmer ACME, to establish a 900 MW solar power plant in Rajasthan, India.

This solar energy project consists of a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) safeguarded in a tender in 2018.

Scatec develops, builds possesses, and also runs solar, wind, as well as hydropower plants and also storage services. Having an existing renewable energy portfolio of 3.5 GW, it declares of having a 15 GW of capacity in operation or incomplete by the end of 2025.

Speaking of the partnership, CEO of Scatec, Raymond Carlsen specified, "We are excited to companion with ACME, a leading solar power programmer, on our initial project in India. The country is targeting significant development in renewable energy capability by 2030 and also is a key growth market for renewables. We have currently developed visibility on the ground and are positioning for future tenders within solar, wind, and crossbreeds."

The project has a projected complete Capex of USD 400 million, with 75 percent debt funding from an Indian state-owned lender. Scatec will certainly hold a 50 percent economic interest in the project, while ACME will retain another 50 percent. ACME will be the turn-key EPC (Engineering, Procurement, as well as Building) carrier for the project. While Scatec will make sure delivery according to global criteria, HSSE, and also E&S, along with optimization of engineering, procurement, as well as operations of the plants. A 1,600 GW of annual production capability is expected from this solar plant.

" This transaction is an essential milestone to place Scatec for future growth in the Indian market. We see possibilities to supply various large-scale options throughout technologies in India, both based on government as well as state tenders, along with via participating in direct PPAs with company off-takers, Raymond added.

ACME claims of having a portfolio of 5.0 GW, out of which 2.3 GW in operating as well as 2.7 GW in under construction. "We are very pleased to have Scatec as our companion in India and also eagerly anticipate developing a much larger portfolio of renewable resource projects with this collaboration," says Mr. Manoj Kumar Upadhyay Creator as well as Chairman of ACME team.

Manoj additionally included, "This collaboration is a testament of the durable development prospective India supplies with a strategy to achieve 450 GW of renewable energy power by 2030, allowing policies, convenience of working, and assistance by the federal government of India to financiers and also sustainable companies around the world."

The building of this solar energy plant is expected to start in 2021 with assumed conclusion in 2022.