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India’s National Solar Mission gathers momentum with projects moving towards financial closure

The first round of the first phase of the Jawaharlal Nehru National Mission was announced and bids invited for 620MW of projects, 470MW in Solar Thermal and 150MW in Solar PV last year.

Panchabuta was the first to report  on the Solar PV and thermal developers  shortlisted for the first phase of the Solar Mission. 37 developers for a aggregated capacity of 620MW have been shortlisted and PPA’s signed for 615MW. Further 66MW of projects has been migrated under the migration scheme.

According to reports, The National Solar Mission is gathering momentum as more number of projects move towards financial closure and achieve land acquisition, the review meeting of projects noted.

The appraised projects include smaller projects of 1 mw and 2 mw, 5 mw solar photovoltaic projects and large scale solar thermal projects. While 80% of the project developers under the rooftop and small solar generation programme have finalised the technology, majority of them have confirmed land acquisitions. According to the reports, 24 project developers confirmed financial closure.

“For the 5 mw photovoltaic projects, nine developers have confirmed financial closures whereas 80% have successfully completed land acquisition,” said a senior official from the Ministry of New and Renewable Energy . The major institutions coming forward to lend for the projects include IDBI, Exim Bank , IREDA , SBI , Rural Electrification Corporation , Indian Overseas Bank and Power Finance Corporation .

From the reports emanating from the meeting, most of the solar power producers were optimistic of achieving the financial closure by the stipulated date lines in July 2011.

Panchabuta has not been able to confirm the above numbers independently when talking to developers and it is unclear what the officials mean by saying projects are moving towards financial closure. Sources tell us that this is most likely to extend the deadlines for closure.

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