India is the latest success story for FRV as it pursues its strategy of developing a global portfolio of power generation assets.
Building on its successful 15-year power purchase agreement (PPA) in Australia, FRV has signed a 25-year deal in India, its first foray into the market.
FRV signed the 100 MW agreement following a reverse auction conducted by Solar Energy Corporation of India, Ltd (SECI).
The project will start in 2017 at the Ananthapuramu Solar Park in Andhra Pradesh. When completed, the solar plant will meet the electrical needs of 35,000 homes and cut CO2 emissions by 190,000 tons per year.
FRV CEO Rafael Benjumea said: “This project represents a key step in achieving our strategy to develop and build renewable power generation assets in India, which is an attractive market for us. It has a stable economy as well as long-term policies and regulations for solar energy – factors that are enhanced by its public authorities’ proven, collaborative track record.”