Schanti Partners invests $105M in 50MW Indian PV project

Schanti Partners will invest US$105.1 million for the development of a 50MW solar power project in the district of Kaimur, Bihar, India.

The company’s subsidiary Sparkle Solar Bihar I will implement the project which will be developed in five phases. Each phase will involve the installation of 10MW. The project will utilize PV equipment based on CPV technology provided by Sol Focus.

The company has submitted a proposal for a 25-year PPA to the state-owned utility Bihar State Electricity Board . The proposed PPA rate is US$0.225 per kWh.

Having already secured finance worth US$30 million from the US Ex-Im Bank for the project, Schanti Partners is hoping to secure a 30-year land lease contract for the project site. However, the loan deal requires the firm to source its solar equipment from the US.