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Astonfield Renewable Resources has entered into a strategic partnership with Spanish-based solar power producer Grupo T-Solar Global.
The partnership has been initiated with a five megawatt solar photovoltaic project in Osiyan Rajasthan.
The project is expected to generate a minimum of 8,500 MWhr (megawatt hours) a year, which Astonfield said was sufficient to power over 13,000 Indian households.
With T-Solar's strategic investment and project debt financing in place from leading Indian banking institutions such as the State Bank of India and the Export-Import Bank of India, Astonfield said the project would be commissioned as per schedule.
Mr Ameet Shah, Co-Chairman, Astonfield, said, “We are fortunate to draw on T-Solar's strength and look forward to replicating its successes as we build and develop Astonfield's growing solar pipeline.
“Today's announcement is a validation from investors and the Indian banking community of Astonfield's solar project finance model and its ability to execute.”
T-Solar has an installed generation capacity of 168 MW in Spain and Italy, besides a pipeline in Southern Europe, Latin America and the US. Mr Juan Laso, CEO, T-Solar, said, “The Indian solar market is one of the key strategic growth markets for T-Solar, and we have invested significant resources in identifying the right way to develop it.”
Astonfield will deploy T-Solar's latest generation thin film modules in the project scheduled for commissioning by October 2011. .
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