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Charisma Energy, Sunseap win 140MWp India solar power project

Wednesday, January 20, 2016 - 18:45

A JOINT-VENTURE firm of Charisma Energy has been given a contract to develop solar power plants in India and to supply power to the country's state-owned power company for 25 years.

Rising Sun Energy, which Charisma owns together with Singapore solar firm Sunseap International and a local Indian partner, will be building a solar farm with a capacity of 140 megawatts at peak conditions (MWp).

It will also have a 25-year contract to supply power to National Thermal Power Corporation, the largest power company in India, at a fixed rate of 4.35 rupees (9.2 Singapore cents) per KWh, said Sunseap.

The project is part of a 420-MWp solar farm development in Bhadla Solar Park in Rajasthan, the state with the largest commissioned installed solar capacity in India.

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To be funded through internal resources and debt financing, it is expected to start commercial operations in the second quarter of next year and will generate some US$80.9 million in revenue in the first five years, Charisma said in a filing to Singapore Exchange on Wednesday.

The project is a significant addition to Charisma's portfolio of renewable energy assets, said its CEO Serko Tan.

It also cements the group's recent shift to renewable energy. Charisma in December last year acquired a 50 per cent stake in Grenzone, which designs and installs solar-generated equipment, through a share swap.

Charisma said the project is not expected to have a material impact on the group's financial results for the current financial year.

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