Solairedirect Energy India is in talks with the Gujarat government to set up a 20 MW plant at the
Solar Energy Park in Kutch at an estimated cost of 300 crore. "We see ourselves as an independent power producer, or IPP, for this project which will be in Phase-III of the solar park," Solairedirect Energy India managing director Gaurav Sood said.
The company is a subsidiary of French solar major Solairedirect. Sood said the 300-crore project would have 75% debt component, for which talks were on with lenders. Overseas pension funds and others looking for assured returns of 15-16% for the 20-25 years of the project have evinced interest, he added.
Solairedirect is part of the Euro 19.6-billion French energy major Schneider Electric, and is funded by venture capital funds of the parent company and a French bank.
Sood said registration of the proposed project could happen by early next month.
"Initially, the project will be ours and later we could bring in other investors," Sood said. The company could also look at picking stake in the other projects registered at the solar park in the earlier phases, he added.
"We did not participate in Phases I and II, but we are in talks with those who bagged projects then, to take up an equity stake. While we have a huge reference base in France, we need to build reference projects in India. This route allows us to do so quickly," Sood said.
With most solar park projects likely to have a 25:75 equity-debt ratio, banks and financial institutions were likely to look for power purchase agreements (PPAs) with state governments or state power utilities.
Sood said that if they were able to sign PPAs of over 150 MW with state governments, they could even set up manufacturing facilities in each state.
Author: Zhejiang Haining Tiange Solar Energy Science Technology Co., Ltd.
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