Scatec enters the Indian market by signing agreement for a 900 MW solar power plant

Scatec has entered a partnership with ACME, a leading solar developer in India, to develop a 900 MW solar power plant in the state of Rajasthan, India, including a 25-year PPA with Solar Energy Corporation of India (SECI) secured in a tender in 2018.
Scatec enters the Indian market by signing agreement for a 900 MW solar power plant
Oryx solar plant, Jordan. Coutesy of Scatec.

The project has an estimated total capex of $400 million, with 75 percent debt financing from an Indian state-owned lender. Scatec will hold a 50 percent economic interest in the project, while ACME will retain 50 percent. ACME will be the turn-key EPC (Engineering, Procurement and Construction) provider for the project. Scatec will ensure delivery according to international standards, HSSE and E&S, as well as optimisation of engineering, procurement and operations of the plants. The annual production from the plant is expected to be 1,600 GWh.

“We are excited to partner with ACME, a leading solar power developer, on our first project in India” said Raymond Carlsen, CEO of Scatec. “The country is targeting a significant growth in renewable energy capacity by 2030 and is a key growth market for renewables. We have already established presence on the ground and are positioning for future tenders within solar, wind and hybrids”.

Construction is expected to start in 2021 with scheduled completion in 2022.

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