July 1 (Renewables Now) – Spanish developer Solarpack Corporacion Tecnologica SA (BME:SPK) has secured a 25-year power purchase agreement (PPA) for the future output of a 396-MW solar project in India.
To be located in Rajasthan state, this solar park will require an investment of around EUR 129 million (USD 144.9m) to be built, the company announced on Tuesday.
The deal to sell electricity for INR 2.36 (USD 0.031/EUR 0.027) per kWh, or roughly EUR 28 (USD 31.4) per MWh, was awarded to Solarpack in a competitive tender launched by government company Solar Energy Corporation of India Ltd (SECI).
The Spanish firm expects to commence operations of the plant by the end of 2022. Once complete, the photovoltaic (PV) park should be able to generate 753 GWh per year.
Solarpack expects this PPA to provide approximately EUR 501 million in energy sales during the life of the contract, it noted.
Italian energy group Enel SpA (BIT:ENEL) was also one of the winners in the Indian tender, with a 25-year energy supply contract for a 420-MW direct current (DC) solar farm.
(INR 10 = USD 0.132/EUR 0.117)
(EUR 1 = USD 1.123)