RattanIndia Solar arm Yarrow Infrastructure Ltd has won solar power project of 50 MW capacity at a tariffs of Rs 4.78 per unit in reverse e-auction conducted by NTPC Ltd.”With this, RattanIndia’s solar portfolio has increased to more than 290 MW which is spread across the country. The online reverse bidding for 10 projects with combined capacity of 500 MW was conducted,” the company said in a press release. RattanIndia will develop and build the solar power project. Once connected to the grid, the electricity generated will be sold to NTPC under a 25-year Power Purchase Agreement, the company said.
The project is expected to be connected to the grid before end of 2017. These bids witnessed aggressive bidding since Karnataka has very high solar insolation in the country. RattanIndia has recently won 160 MW of ground mounted solar projects in recent bids conducted by NTPC and SECI. The company also has a portfolio of about 20 MW of solar rooftop projects. “Our ability to win competitive bids is a testament to our commitment towards becoming the top solar company in the country by providing clean renewable energy at affordable tariff. We look forward to build on our momentum to expand our presence in India and help accelerate the adoption of solar energy to mitigate climate change in the region,” said RattanIndia Solar CEO Anjali Rattan Nashier in the statement.
The company has been implementing solar power projects since year 2011. It is one of the leading players in solar ground mounted as well as rooftop power projects and is targeting to achieve a solar portfolio of 2000 MW. RattanIndia group is promoted by Rajiv Rattan who cofounded Indiabulls Group in 1999, with interests in financial services, real estate, power generation.