German PV manufacturer Solea AG and Pinpoint Ventures have signed a power purchase agreement for a 5 MW solar project with Bangalore Electricity Supply Company (BESCOM) in India.
BESCOM provides electricity to more than 20 million people in Bangalore, the capital city of the state of Karnataka, and neighboring districts.
Solea and Pinpoints Indian subsidiary, Heidelberg Solar Pvt. Ltd. (HSPL), form a consortium that won the 5 MW project in the 130 MW Tender issued by Karnataka Renewable Energy Department Limited (KREDL) in August.
The consortium company, Pinpoint Energy K1 Private Ltd., signed the PPA with BESCOM last week.
Pinpoint director Kishore Pinpati said the company had "been very impressed by the way the tender process was formulated and executed by Karnataka State. We are the first German solar company to enter the state for such grid scale utility projects and plan to develop many more projects in Karnataka."
Solea Director Georg Sterner added, "We have been able to understand the challenges of the solar market in India during the last 18 months and are very happy to announce the signing of this agreement valid for 25 years with BESCOM. This project clearly provides an example of Indo-German partnership in the Renewable Energy sector."
The consortium grew out of a strategic partnership between Solea, a leading EPC company in Bavaria, and Heidelberg-based Poinpoint launched in April with the aim of entering the Indian market.
Solea offers its EPC services through HSPL in the Indian market.
The companies said at the time that they would initially concentrate on the South Indian states and develop projects between 1 MW and 50 MW in size. Solea and HSPL are planning a total of approximately 200 MW of projects to be developed within the next three years.