The project, which is a part of the 270MW AC solar PV tender in Odisha, was secured by the firm through an auction in 2016. The operations of the PV system will commence in late 2017.
IBC SOLAR has also conducted negotiations with L&T Infrastructure Finance on debt finance worth $15.3m to ensure financing for the solar project from the construction phase.
IBC SOLAR Projects India managing director Shailendra Bebortha said: "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.”
With a workforce of over 500, IBC SOLAR provides photovoltaic and energy storage solutions and services. The firm handles the entire process of photovoltaic systems.
The firm also offers complete solutions to generate power from solar energy. Site evaluation, engineering, construction, project development, monitoring services, operation and maintenance are also provided by the company.
Established in 1982, IBC SOLAR operates in over 30 countries across the globe. Till date, the company has installed photovoltaic systems with a total capacity of over 3.3GWp for utility-scale solar parks, which feed electricity into the grid, to systems for residential and commercial self-consumption, off-grid systems and large-scale storage.
