Lightsource BP Completes 60 MW Solar Project in India Financed by Rabobank
The project, located in Maharashtra, can power around 20,000 homes
Lightsource BP, a global renewable energy development firm, has completed its first utility scale solar project in India. The project has been developed in Wagdari, located in the state of Maharashtra.
The 60 MW project, spread across 240 acres, is among the first Solar Energy Corporation India (SECI) tenders to be completed and can power around 20,000 homes.
The Wagdari solar power project has been financed in partnership with UK Climate Investments (UKCI). It is a joint venture between the Green Investment Group and the UK Government’s Department for Business Energy and Industrial Strategy (BEIS).
“The success of this project is a testament to Lightsource BP’s ability to deliver. The project was developed in-house, and required the support of both our central and local teams working together in close partnership to bring it to fruition,” said Nick Boyle, Chief Executive Officer of Lightsource BP.
Lightsource BP had won the offtake contract through a 450 MW tender by SECI. The construction, photovoltaic modules, and technical expertise for the project were provided by Sterling & Wilson and LONGi Solar while the project finance was provided by Rabobank, the company said in its media release.
According to Mercom’s India Solar Project Tracker, Lightsource won the 450 MW tender by quoting a VGF of ₹1.96 million (~$30,142) along with the fixed tariff of ₹4.43 (~$0.068)/kWh under NSM Phase-II, Batch 4 VGF program.
The company has not yet revealed any details on the cost of the project.
In April 2018, Mercom reported that Lighsource BP and investment firm Everstone Group have teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India.
Earlier in 2017, Mercom reported that Lightsource Renewable Energy and UK Climate Investments, part of the Green Investment Group within Macquarie Infrastructure and Real Assets (MIRA), entered an agreement to form a partnership platform to fund the development, acquisition, and ownership of large scale solar power generation assets in India.
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Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer