Developer stumps up fees for SunEdison's 500 MW India solar project

The Solar Energy Corporation of India (SECI) has received licensing fees in the amount of INR 2 billion ($30 million) from a power developer for the development of a 500 MW solar PV project formerly awarded to SunEdison.

According to a report by Bloomberg, the monies received this week mean that the license owner will now be greenlighted to develop the solar park in the state of Andhra Pradesh.

The rights for the project were originally won by now-bankrupt clean energy company SunEdison last November for a then-record low bid of INR 4.63 per kilowatt hour ($0.0706/kWh).

SECI MD Ashvini Kumar told Bloomberg: “We’re relieved that the project will get built and will contribute to the country’s solar targets,” adding that the completion date for the solar plant is scheduled for March next year.

Although unsubstantiated, it is believed that Indian power group Greenko Energies Pvt. is the new license holder.

Last month, Greenko paid around $390 million to secure Sunedison’s Indian power assets, which included both solar and wind projects and amount to a cumulative capacity of 390 MW. According to Fitch Ratings, the transaction agreement saw Greenko take over SunEdison’s pipeline of solar generation projects at no additional costs.

Prior to its bankruptcy, SunEdison had some 550 MW of clean energy projects under development in India, and a pipeline in excess of 1.7 GW.