PTC India ties up with Solar Energy Corp for solar power trade

Under the deal, Solar Power Corp will aid development of 3,000-Mw projects for CPSUs or other agencies

Leading power trading firm PTC India today said it has inked pact with the Solar Energy Corporation of India (SECI) for sale and purchase of power generated from 3,000-mw solar projects.

"PTC India Limited (PTC)... Has signed an MoU with Solar Energy Corporation of India (SECI) for sale and purchase of power generated from 3,000-mw solar projects for onward sale on a long-term basis, for a full 25 years from commercial operation date of each of the project/facility to state utilities," the company said in a statement.

Under the said arrangement, SECI will facilitate development of 3,000-mw solar projects at various locations in the country on behalf of central public sector undertakings (CPSUs) or any other government/private agency, it said.

"PTC will purchase solar power offered by SECI/project developers for onward sale to state utilities at tariff to be determined by SECI through reverse auction process or any other competitive route," it said.

"We are extremely delighted to sign this MoU with SECI which will facilitate us in undertaking activities in solar sector and support each other in productive utilisation of solar resources and optimising energy usage," PTC India CMD Deepak Amitabh said in the statement.