New Generation Power, a Chicago based renewable energy company, along with Premier Solar Group, a Hyderabad based solar company has signed one of the largest Power Purchase Agreements (PPA) in India by a consortium. Under the Andhra Pradesh Solar Scheme, the open bid process will now be part of a 1,000 megawatt (MW) development plan that will be built out in the region.
Expected to cost roughly US$400 million over a period of 12 months, installations will spread across multiple sites in the State of Andhra Pradesh with PPA’s for 20 years. NGP’s valuable consortium will build, own and operate all of the plants.
The initial phase for the 70 MW PPA has been executed and development work has already begun. By the end of 2014, the entire 315 MW of solar projects will be completed. WAAREE Energies Limited has been awarded the exclusive EPC contract for 245 MW and Premier Solar/WAREE will be the joint EPC contractor for the initial 70 MW.
Long term financing for the project is being negotiated with various EXIM and other financial institutions.
WAAREE Group, a Mumbai based leading multi-technology company, along with Patriot Solar Group (PSG), will be setting up a joint-manufacturing facility in Gujarat, India that will be fully capable of supplying all product solutions and opportunities by the project’s completion.
“We are very happy with a partnership that will bring more green, sustainable energy to the world. WAAREE will bring its manufacturing and project execution skills to execute this project,” said Hitesh Doshi, Chairman of WAAREE Group.
“Patriot Solar Group is truly delighted to be a part of this world class team. Together with WAAREE Group, the production facilities for our full line of tracking, mounting and mobile fixed off-grid solar systems are already being developed,” said Patriot Solar’s President, Jeff Mathie.
“Premier Solar is proud to have won this large contract and partner with New Generation Power, on the largest solar development project in India. Premier will bring its project development and execution skills to get the project off the ground and ensure timely completion”, said Mr. Karthik Polsani, CEO of Premier Solar group. Premier’s co-development partners on this venture are RRE Power and Inspirra Energy, both US-based development firms.
"New Generation Power will build a world class solar facility that India will be proud to call its own that will create significant job opportunities and economic development for Andhra Pradesh. It’s an honor to be part of one of the largest solar farms globally in my native country," said Dr. Chirinjeev Kathuria, the Chairman of New Generation Power. NGP’s additional partner in this venture is Thermo Source.
NGP is currently developing grid scale projects in Africa, Europe, South America and the Caribbean.
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