Orange Renewable, a 100 per cent subsidiary of Singapore-based AT Holdings Pte, said it has signed a power purchase agreement with Solar Energy Corporation of India (SECI) for development of a 100-MW solar power project in Maharashtra.
Under the agreement, Orange Renewable will develop a 100 mega watt (MW) solar power project under Jawaharlal Nehru National Solar Mission (JNNSM) phase - II, batch - III scheme, according to a report.
SECI has been designated as the nodal agency of the government for implementation of the Ministry of New and Renewable Energy's (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.
Orange Renewable won the contract through a competitive bidding process followed by online live reverse auction conducted by SECI.
In the reverse auction process, only eight bidders were able to bag the projects, where Orange Renewable emerged as one of the largest capacity offtaker in this bidding, the statement said.
Orange Renewable will receive an average power tariff of Rs 4.43 per kilowatt-hour for the next 25 years from the commercial operation date of this project, which is scheduled in 2017.
The company's Country Head (Solar) Naresh Mansukhani said, "The agreement with SECI is the first footstep of Orange Renewable towards the company's solar energy portfolio expansion strategy in India."
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