Earlier last month, SunBorne Energy Technologies, a solar power developer backed by billionaire Vinod Khosla, was close to arranging 1.5 billion rupees ($34 million) in loans from three banks for its first plant in India. SBI Capital Markets Ltd., a unit of India’s largest lender,was said to be arranging the deal.
SunBorne and Suntech Power Holdings Co., Ltd. (NYSE: STP), the world’s largest producer of solar panels, had entered into a framework agreement for the supply of 100MW of solar panels over the next two years for projects in India in the beginning of May this year.
Suryachakra Power Corporation Limited is the flagship company of Suryachakra Group with interests in Power generation – renewable energy (biomass, Solar, hydro, Wind) and Clean Technology / Ultra Super Critical Thermal Power Plants (coal, Gas), Engineering Consultancy and Urban infrastructure development activities.
A couple of weeks ago, Suryachakra Green Power Private Limited (SGPPL), a group company of Hyderabad-based independent power producer Suryachakra Power Corporation Limited entered into an MoU (memorandum of understanding) with WinWind Power Energy Private Limited (WPEPL) for setting up a wind energy project with 250 Mw capacity at Dharapuram in Tamil Nadu.
According to reports, Suryachakra Power Corporation Ltd has informed BSE that Suryachakra Power Venture Private Ltd., (SPVPL – a Suryachakra Group company) has entered into a Memorandum of Understanding with Sunborne Energy Services India Pvt. Ltd., Gurgaon (of Sunborne Energy Technologies, USA) and CITADEL Research & Solutions Ltd., Hyderabad to work together for establishing a 5 MW Concentrated Solar Thermal Power project in the state of Andhra Pradesh.
SPVPL has earlier executed a Power Purchase Agreement with Central Power Distribution Company of AP Limited for establishing the project under Generation Based Incentive scheme of Ministry of New and Renewable Energy (MNRE).
The project execution will be carried out by CITADEL and Sunborne and all the parties will endeavor to achieve financial closure and Commercial Operation Date (COD) at the earliest.