IBC Solar has signed a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for 20 MW Odisha plant. The developer had bagged the project in bidding held by SECI for 270 MW capacity in the state in 2016. The project is scheduled for commissioning in late 2017.
IBC SOLAR has tied up Rs 98 crore debt financing from L&T Infrastructure Finance for the project with tenor of 18 years.
Director of IBC SOLAR Projects India Private Ltdsaid the following,
"We are pleased to sign the PPA with SECI, a Government of India undertaking, and we shall take all efforts to build this project in the state of Odisha within the stipulated timelines as per our global standards. The confidence expressed by lenders in IBC SOLAR shall help to scale up our business in India further."
IBC SOLAR is a leading global provider of photovoltaic and energy storage solutions and services. The group offers complete systems and covers the entire product range from planning to the turnkey handover of photovoltaic systems.