Wednesday, March 26, 2014: Hindustan Cleanenergy Limited (HCeL) has proposed a 50 MW Grid Interactive Solar PV project in the state of Odisha, India. The proposed project will aid the state in realising the solar purchase obligation (SPO), said the company in its proposal letter to the state’s Energy department.
HCeL had participated in the build of a 5 MW Solar Farm in Bolangir, commissioned in February 2012. Now, it plans to explore bigger options in the state. According to an OdishaSunTimes report, The company wrote, “The proposed project shall not only help the state to mitigate the Solar Purchase Obligation (SPO) as provided by Odisha Electricity Regulatory Commission (OERC), but would also bring certain benefits to the state. The project will be a milestone in promoting renewable energy projects with sustainable socio-economic development in the state. Besides, it will also open the doors for many other business avenues to explore and venture into,” in a letter to the state Energy secretary P K Jena.
Furthermore, Hindustan Cleanenergy will sell the generated power from the solar project via a long-term power purchase agreement (PPA) with GRIDCO. The PPA is likely to extend 25 years and the offered rate will be fixed for the entire span.
This solar project is likely to fetch a private investment of Rs 4 billion in Odisha, and the state further plans to attract larger investors. While, HCeL plans for an expansion to achieve a total installed solar power capacity of over 500 MW by this year, and 1 GW by 2016. Dubbed as India’s largest solar power development company, it is part of Hindustan Power Projects Pvt Ltd, which has commissioned more than 300 MW globally.
