Indian solar projects of 610 MW reach financial closure
Aug 10, 2011 - India's Ministry of New and Renewable Energy announced earlier this week that 35 solar power projects with a combined capacity of 610 MW had reached financial closure by July 9.
The projects are part of India's Jawaharlal Nehru National Solar Mission, which targets 20,000 MW of grid-connected solar power capacity by 2022.
In January, the projects signed power purchase agreements (PPAs) with power trader NTPC Vidyut Vyapar Nigam, a unit of state-run energy group NTPC Ltd (BOM:532555). As part of the PPAs, the developers were required to reach financial closure in six months.