SunSource Plans 200 Megawatt Solar Project In India Following Fresh Funding

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UK-based solar power developer SunSource has announced grand plans for expansion in India’s solar power market. The company has also received a boost in the form of equity funding from India’s largest bank.

SunSource has announced plans to set up a 200 megawatt solar PV power project in the Indian state of Uttar Pradesh. The plan is highly aggressive given the fact that the company currently operates only 200 megawatts of capacity worldwide. 

The company received an undisclosed amount of equity funding from the Neev Fund — a joint venture between State Bank of India and UK’s department for International development (DFID). The fund offers equity funding for infrastructure projects in developing and low-income states in India.

With this funding, SunSource hopes to develop projects in Rajasthan, Madhya Pradesh, Bihar, Orissa, Jharkhand, West Bengal, and Chhattisgarh.

The company has not provided details about how it would develop solar power projects in these states. Utility-scale solar power projects in India are usually developed through auctions which have become exceedingly competitive over the last few years.

Falling tariffs and increasing cost of imported solar power modules have raised doubts about the financial viability of new solar power projects in India. Last year developers in India quoted the lowest-ever solar tariff bid of Rs 2.44/kWh (¢3/6/kWh) a massive decline from the the bids of more than Rs 12/kWh (¢19/kWh) in 2010-11.

It would be interesting to see how the company navigates through the highly competitive environment of India’s solar power market in the future. SunSource plans to have an installed solar power capacity of 1.5 gigawatts by 2025.

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An avid follower of latest developments in the Indian renewable energy sector.

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