Norweigan power producer Scatec ventures into Indian market

Scatec has inked a deal with the state of Rajasthan for the project.

Norweigan power producer Scatec partnered with local power solar developer ACME Group for its first project in India, a 900 MW solar power plant.

The project has an estimated total capital expenditure of $400m, with 75% debt financing from an Indian state-owned lender. Scatec will hold a 50% economic interest in the project, while ACME will retain 50%. 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 GW

According to Scatec chief executive officer Raymond Carlsen, Scatec aims to reach 15 GW capacity by the end of 2025 and expects India to be a key market in the future.

“This transaction is an important milestone to position Scatec for future growth in the Indian market. We see opportunities to offer various large-scale solutions across technologies in India, both based on federal and state tenders, as well as through entering into direct PPAs with corporate off-takers. Our proven track record from renewables in emerging markets and solid partnerships will support our entry into the Indian market,” Carlsen said.

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