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Scatec enters Indian solar market

Norway’s Scatec has acquired a 50% stake in Acme’s 900 MW solar project in Rajasthan. The project will benefit from a 25-year power purchase agreement with Solar Energy Corp. of India

From pv magazine India

Norway’s Scatec has signed an agreement to acquire a 50% stake in Indian developer Acme’s 900 MW solar power project in the Indian state of Rajasthan.

The project will be built with an estimated total capex of $400 million, with 75% debt financing from an Indian state-owned lender.

Acme will provide turnkey engineering, procurement, and construction (EPC) services. Commissioning of the plant is scheduled in 2022. Once operational, the plant is expected to produce 1,600 GWh of electricity per year. The power will be sold under a 25-year power purchase agreement with Solar Energy Corp. of India (SECI).

The Rajasthan installation with Acme marks Scatec’s first project in India.

“[India] is targeting significant growth in the renewable energy capacity by 2030 and is a key growth market for renewables. We have already established presence on the ground and are positioning for future tenders within solar, wind and hybrids,” said Raymond Carlsen, CEO of Scatec.

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Scatec is targeting 15 GW capacity by the end of 2025 and expects India to be a key market in the years to come.

“We see opportunities to offer various large-scale solutions across technologies in India, both based on federal and state tenders, as well as through entering into direct PPAs with corporate off-takers. Our proven track record from renewables in emerging markets and solid partnerships will support our entry into the Indian market,” said Carlsen.

Oslo-based Scatec develops, builds, owns, and operates solar, wind, and hydropower plants and storage solutions. It has more than 3.5 GW in operation and under construction on four continents.

Acme has a cumulative portfolio of 5.0 GW, out of which 2.3 GW is operating and 2.7 GW is under construction. The company aims to achieve an operating capacity of 25 GW by 2030.

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Source: pv magazine