IBC Solar signs PPA over a 20MW solar plant in Odisha

IBC SOLAR AG,  the Germany-based integrated PV and energy storage firm, has signed a Power Purchase Agreement (PPA) for a 20 MW AC solar plant with the Solar Energy Corporation of India (SECI).

The project was part of a 270 MW AC PV tender in the state of Odisha and assigned to IBC SOLAR through a competitive auction process during 2016. IBC won the project at a fixed tariff of INR4.43/kWh (US$0.067) combined with viability gap funding (VGF) of INR4.925 million (US$76,809). The PV system is planned to be put into operation by late 2017.

IBC SOLAR has furthermore concluded negotiations about a debt finance of approximately INR980 million (US$15 million) for the Odisha Project with L&T Infrastructure Finance Co. Ltd., a leading Indian financial company in the infrastructure sector. This ensures financing of the project from the construction phase. The local financing has a term of 18 years.

Mr. Shailendra Bebortha, Managing Director of IBC SOLAR Projects India Private Limited, a wholly-owned subsidiary of IBC SOLAR Energy, commented:

"We are pleased to announce the signing of the PPA with SECI, a company of the Government of India, and are confident to realise this project in the state of Odisha within the stipulated timeframe and according to our global quality standards. The confidence expressed by lenders in IBC SOLAR helps to further scale up our business in India."