Abdul Latif Jameel Energy announces new India solar farm deal that will power 35,000 homes
- Project expected to be operational in 2018 and reduce more than 160,000 tons of CO2 emissions per year
- First large-scale solar installation developed by Abdul Latif Jameel Energy in India, and follows recent announcements of solar-wind project in Chile and new financial deal in Mexico
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has secured financing for the 138 MW dc Andhra Pradesh Solar Farm in India.
It is the first large-scale solar installation developed by Abdul Latif Jameel Energy in India, and operations are expected to begin later this year.
The project is located in Ananthapuramu Solar Park in Andhra Pradesh, 200 km from the city of Bangalore. The solar farm is expected to power 35,000 average Indian homes, while avoiding approximately 160,000 tons of CO2 emissions per year.
The company was awarded the project in a reverse auction conducted by the Solar Energy Corporation of India (SECI) last year. The auction was part of the National Solar Mission program, launched by the Government of India, in order to meet its renewable targets and reach 100 GW of solar capacity installed in the country by 2022.
Roberto de Diego Arozamena, CEO of Abdul Latif Jameel Energy, commented: “This project is a clear example of Abdul Latif Jameel Energy’s commitment to deepen our presence in emerging solar markets. There is great potential to develop renewable energy in India and we look forward to bringing our deep knowledge, experience and commitment to local markets and sustainability to this project.”
Abdul Latif Jameel Energy, through Fotowatio Renewable Ventures (FRV) has closed the financing agreement with the International Finance Corporation (IFC), a member of the World Bank Group, which is one of the earliest and largest financiers of renewable energy in India and globally, and the Financial Company of Development of the Netherlands (FMO). The Indian Renewable Energy Development Agency (IREDA) are co-investors.
This year alone Abdul Latif Jameel Energy has announced it has been awarded a 540 GWh hybrid solar-wind project in Chile; secured financing for a Mexican solar farm that will power 150,000 homes; and announced it is supporting the launch of Jordan’s first nanosatellite.