Fermi Solar Farms

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The project entails the the construction of a portfolio of 4 solar photovoltaic solar projects with a total generation capacity of 80 MW ac (108 MW dc) using poly crystalline technology in Bodare Village, Jalgaon, Maharashtra. Fermi Solar Farms Pvt Ltd is the special purpose vehicle, owned at 51% by Canadian Solar and 49% by Avaada Power. This is a greenfield project initiated on a BOO basis (license scheme). The company has entered into a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India at a fixed tariff of Rs.4.43/kWh. The EPC work for the project is being done by Giriraj Renewables Private Limited (part of Avaada Power). Total investment in the project is estimated at $77.9 million and is being funded through debt and equity in 75:25 ratio. Financing comprises $58 million 17-year-9-month term loan and $19.9 million equity. Debt providers are HDFC and L&T Infrastructure Finance. Financial close took place on 9 October 2017. CARE Ratings WB library Avaada Group to be added to sponsors list - http://www.avaadaenergy.com/