Scatec partnered with ACME to develop 900 MW solar project in India
Scatec has entered a partnership with ACME, a solar developer in India, to realize a 900 MW solar power plant in the state of Rajasthan, India. The project holds a 25-year PPA with Solar Energy Corporation of India (SECI) secured in a tender in 2018.
The project has an estimated total capex of USD 400 million, with 75% debt financing from an Indian state-owned lender. Scatec will hold a 50% economic interest in the project, while ACME will retain 50%. ACME will be the turn-key EPC (Engineering, Procurement and Construction) provider for the project. Scatec will ensure delivery according to international standards, HSSE and E&S, as well as optimisation of engineering, procurement and operations of the plants.
Raymond Carlsen, CEO of Scatec, said: “We are excited to partner with ACME, on our first project in India. The country is targeting significant growth in renewable energy capacity by 2030 and is a key growth market for renewables. Scatec targets 15 GW capacity by the end of 2025 and expects India to be a key market in the years to come. This transaction is an important milestone to position Scatec for future growth in the Indian market".
The annual production from the plant is expected to be 1,600 GWh. Construction is expected to start in 2021 with scheduled completion in 2022.
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