India Receives $30 Million Fees For 500 MW SunEdison Project

One of the largest solar power projects to be developed by a single company seems to be on-track for timely commissioning.

The Solar Energy Corporation of India (SECI) has received payment of $30 million as fees for the development of a 500 MW project. The project was secured by SunEdison India through competitive auction.

SunEdison had secured the project at a record-breaking tariff of ₹4.63 per kWh (US¢7.12/kWh) beating several leading project developers, including Trina Solar, SkyPower, ACME Solar, Aditya Birla, Azure Power, Welspun Energy, ReNew Power, and Suzlon Energy.

There were significant concerns about the various projects secured by SunEdison India through competitive auctions after SunEdison filed for bankruptcy.

Greenko Energy Holdings had acquired operational and under-development assets from SunEdison. Greenko took control of 500 MW operational assets and 900 MW of assets under development. The acquisition also includes 425 MW of solar assets that SunEdison India sold to Terraform Global last year.

Greenko Energy Holdings reportedly payed around Rs 670 crore (US$100 million) cash to SunEdison and also issued fresh bank guarantees worth Rs 200-250 crore (US$30-37.5 million) for the outstanding debt for these projects.

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