EnviroMission secures PPA for 1st solar tower in India

Feb 6, 2015 (SeeNews) - Australian firm EnviroMission Ltd (ASX:EVM) said Thursday it has secured a power purchase agreement (PPA) for its first Solar Updraft Tower in India with a local utility.

In an update, the company said the project financing for the pilot scheme has already been committed, without revealing financial details. The capacity of the project also remained undisclosed.

In July last year, EnviroMission announced that it will form a joint venture (JV) with an unnamed Indian company, with the joint entity receiving rights to engage in solar tower projects in India. In exchange, the Aussie company got a cash consideration, an equity injection and a stake in the JV. At present, the first tranche of the development funds for the commercialisation of the technology is being processed.

EnviroMission owns the global license for the specific solar tower technology, excluding China. The company is currently planning a number of solar thermal power systems in India, while it also has projects in the US as other markets.

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Militsa is mainly focused on the Chinese market and the rest of Asia with solar energy and offshore wind as her mantras.

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