ACME Solar said it would develop 30 MW solar power projects in Chhattisgarh, a PTI report said.
“This would entail an estimated investment of USD 40 million/Rs 240 crore,” the company said in a statement.
Under the terms and conditions of the bidding process, ACME Solar will sign 25-year long power purchase agreement with the Chhattisgarh State Power Distribution Company Ltd (CSPDCL) on the uniform tariff submitted in the bid.
ACME Solar is a three-way joint venture between ACME Cleantech Solutions Ltd, EDF Energies Nouvelles (EDF EN) — the renewable energy arm of French state-run electricity utility Electricite de France SA — and Luxembourg-based natural resources saving group EREN.
“This contract was won in a fierce tariff-based competition among 16 developers of international fame… With this addition, our solar power portfolio has reached 180 MW and we are on way to generate 1,000 MW by year 2017,” ACME Solar’s CEO Manoj Kumar Upadhyay said.