SunEdison, Brakes India ink SPV for 8-Mw solar plant

In a way, it is also launch of new business using solar for open access

SunEdison Energy India Pvt Ltd and Brakes India Ltd have floated a special purpose vehicle (SPV) to develop a 8-Mw (mega watt) solar plant in Tamil Nadu. Power produced from the Rs 66 crore estimated plant would be consumed by the project partner Brakes India.

Pashupathy Gopalan, president of SunEdison Asia, said the joint project will be the largest group-captive solar project in India.

In the new SPV, SEI Arjun Power, 70 per cent will be owned by SunEdison and the remaining by Brakes India.

“In a way, it is also the launch of new business using solar for open access for SunEdison,” said Gopalan, who claimed the venture to be the only solar project without any subsidy.

The company said Brakes India had approached them to develop the project in compliance with the solar purchase requirement set out by Tamil Nadu Electricity Regulatory Commission and the Tangedco, which stated high-tension wire customers must source six per cent of their energy use from solar.

For the solar plant, SunEdison will provide financing and install key systems, which feature advanced trackers and high-efficiency solar panels for maximising output. The system will generate more than 14 million kWh of electricity a year, which will offset more than six per cent of Brakes India’s power consumption. The system is being built in line with the group captive scheme introduced by the Electricity Act, 2003, which allows customers to purchase electricity directly from an independent power provider without involving the local energy distribution company.

SunEdison is also developing a 18-Mw solar power plant at Tirunelveli in the state.