Risen wins 165-MW solar panel deal from India's Sprng Energy

Private equity firm Actis’ renewables platform Sprng Energy has ordered 165 MW of Risen Energy modules for a solar project in India’s Andhra Pradesh state.

Chinese solar products maker Risen Energy Co Ltd (SHE:300118) announced the deal on Tuesday. The customised photovoltaic (PV) modules will be used for a portion of the Anantapur Solar project. Also known as the NP Kunta Ultra Mega Solar Park, the huge complex is still under construction. Sprng Energy won the right to build a 250-MW plant in a tender by state-run power producer NTPC Ltd (BOM:532555), quoting a tariff of INR 2.72 (USD 0.0366/EUR 0.0309) per kWh.

This is the first contract between Risen and Sprng Energy, the Chinese manufacturer noted.

Sprng Energy aims to install over 2 GW of renewable energy capacity access India. Its plan comes to support the local government’s target for 175 GW of renewables by 2022. Although the domestic market was severely hit by the COVID-19 crisis, it continues to show its "grit and resilience," Risen Energy said.

(INR 10 = USD 0.134/EUR 0.114)

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