Norwegian renewable player Scatec has entered into a partnership with Indian solar developer ACME to develop a 900 MW solar power plant in Rajasthan.
The project holds a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) secured in a tender in 2018. The project has an estimated total capex of USD400 million, with 75 per cent debt financing from an Indian state-owned lender. Scatec will hold a 50 per cent economic interest in the project, while ACME will retain 50 per cent. ACME will be the engineering, procurement and construction provider for the project.