ACEN, the listed energy platform of the Ayala Group, and UPC Solar Asia Pacific have started the construction of India’s largest solar project, a 300 MWac (420 MWp) Masaya Solar farm in Khandwa district of Madhya Pradesh. …
The Masaya Solar project is set to produce 691 GWh of renewable energy (RE) per year while avoiding approximately 635,720 MT of carbon dioxide emissions annually. Once completed, it will be the largest solar project in India to date. The joint venture (JV) company is in the process of securing a 20-year loan from the State Bank of India (SBI) to fund the project with an estimated project cost of $220 million under a 75:25 debt-to-equity financing scheme, with the JV supplying electricity at Rs 2.71 per kWh fixed over a 25-year period under a power supply agreement (PPA) with the Solar Energy Corporation of India Limited (SECI). The JV has built a total of 630 MWp across India.