IBC SOLAR signs PPA with SECI for a 20 MW AC solar power plant in Odisha

The project is part of 270 MW AC PV tender in the state of Odisha and was assigned to IBC SOLAR through a competitive bidding process during 2016. The PV system is planned to be put into operation by late 2017.

IBC SOLAR AG has signed a Power Purchase Agreement (PPA) for a 20 MW AC solar plant with the Solar Energy Corporation of India (SECI). The project is part of 270 MW AC PV tender in the state of Odisha and was assigned to IBC SOLAR through a competitive bidding process during 2016. The PV system is planned to be put into operation by late 2017.

IBC SOLAR has furthermore concluded negotiations about debt finance of approximately Rs. 980 million for the Odisha Project with L&T Infrastructure Finance Co. Ltd. This ensures financing of the project from the construction phase. The local financing has a term of 18 years.

“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,” said Shailendra Bebortha, Managing Director of IBC SOLAR Projects India Private Limited.