SAEL solar plant (300MW)

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This project entails the design, development, construction, operation, and maintenance of a 300 MWac solar photovoltaic (PV) power plant in Andhra Pradesh, India. The initiative also includes building a 70 kV sub-station and a 13 km, 220 kV transmission line connecting the plant to the Kurnool-III grid sub-station owned by Power Grid Corporation of India Ltd. The electricity generated by the plant will be sold to the Solar Energy Corporation of India Limited (SECI) under a 25-year power purchase agreement (PPA) at a fixed tariff of INR 2.60 per kWh (approximately USD 3.17 cents per kWh). SECI will subsequently sell the power to Gujarat Urja Vikas Nigam Limited, contributing to Gujarat's state utility network. The project SPV is SAEL Solar MHP1 Private Limited, sponsored by SAEL Industries Limited. The total estimated project cost is $192 million, with $144 million in debt financing to cover construction, financing costs, contingencies, and related expenses. Asian Infrastructure Investment Bank (AIIB) provides $67 million loan and New Development Bank (NDB) supports the project with $50 million contribution. Financial close is achieved on December 9, 2024. https://www.aiib.org/en/projects/details/2024/approved/india-sael-solar-power.html; https://www.ndb.int/project/sael-300mw-renewable-energy-project/#tabbed-standard