South Africa’s Phelan Energy Group, which has played a part in lowering India’s solar tariffs with its aggressive bids, is in talks to acquire 200 megawatts (MW) of projects in India.
This is the first buyout in India planned by the Cape Town-based firm that bid Rs2.62 per kilowatt hour (kWh) in May last year to win contracts to build a 50MW unit at Bhadla in Rajasthan.
The firm is also in partnership talks with investors for its first project in the country. “Apart from our Bhadla project, we have in excess of 200MW deals in development in various parts of India,” said Tumul Dwivedi, head of Phelan Energy’s Indian operations to Livemint.
“We have had project partnership discussions with local investors, who would guide us through the new regulative challenges. Our price of Rs2.62 kWh is financially attractive with recent tenders,” Dwivedi added.
“Our organization is fully committed to support the vision of PM Modi and his team of ministers who are promoters of a larger share of solar energy capacity within the Indian energy mix. Phelan Energy Group will be part of this ambitious plan and sees India as a steady growth market for the years to come,” Dwivedi said.
This comes against the backdrop of Prime Minister Narendra Modi on Sunday outlining 10 action points at the International Solar Alliance (ISA) founding conference here. These include increasing solar power in the energy mix, ensuring availability of better and cheaper solar power for all, concessional financing for solar projects, and creating a network of centres of excellence, reported Livemint.
