World’s largest thin-film solar power panel manufacturer First Solar is expected to sell 200 megawatts capacity in India as it looks to return focus back to its core business.
According to media reports, First Solar could sell 200 megawatts capacity in India at a value of $200 million. The company has 260 megawatts spread across the states of Andhra Pradesh and Telangana. These projects were awarded to the company in reverse auctions.
First Solar has supplied over 17 gigawatts of solar panels globally, including 1 gigawatts in India. The company is among the largest suppliers of solar panels to Indian developers.
In early 2015, First Solar made a commitment to set up 5 GW of solar power capacity in India over a period of 5 years. In 2014, the company announced plans to install a 45 MW solar power project in the southern Indian state of Telangana. The project entered long-term agreement for the sale of electricity at a tariff of Rs 6.49/kWh (9.9ยข/kWh).
First Solar has not actively participated in recent solar power auctions in India which have been extremely competitive. Perhaps this is the reason the company is looking to stay clear of this non-core business. With tariff falling to record-low of Rs 3.30/kWh, the projects offered by First Solar will be highly attractive to project developers.
This will be the third major acquisition in the Indian solar power market in recent times. Tata Power Renewable Energy acquired 1,100 megawatts capacity from Welspun Energy. Greenko Energy Holdings acquired assets from SunEdison India.
