The contract will be valid for 25 years from the time these units start generating commercially
October 13, 2015
PTC India Limited has signed a memorandum of understanding with Solar Energy Corporation of India for sale and purchase of power generated from 3,000 mw solar projects on long-term basis. The contract will be valid for 25 years from the time these units start generating commercially and the power will be sold to state-based utilities.
Under the arrangement, Solar Energy Corporation will facilitate development of 3,000 mw solar projects at various locations in India on behalf of central public sector units, government and private agencies. PTC, , India’s leading power trading company, will purchase solar power offered by Solar Energy Corporation or the project developers for sale to state utilities at a tariff that will be determined by the corporation through the reverse auction process or any other competitive route.
Deepak Amitabh, chairman and managing director of PTC, said “With rising power demand, the market is set to grow significantly in the next few years. This agreement with Solar Energy Corporation will allow us to undertake activities in solar sector and support each other in productive utilisation of solar resources and optimising energy usage.”
