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PTC, on Tuesday, said it has signed a Memorandum of Understanding (MoU) with Brookfield Renewables for the purchase of 100 megawatts (MW) solar power on a long-term basis.
Brookfield Renewables, one of the world’s largest investors with around 24,000 MW of generating capacity globally, is developing a 400 MW solar power project at the Bikaner solar park in Rajasthan.
The Bikaner solar park is being developed under Brookfield’s $15-billion global transition fund (BGTF) and is expected to be commissioned in phases starting from December 2023, PTC India said.
Also read: Avaada Energy wins 280MW solar project from Rajasthan Urja Vikas Nigam
Power capacity
The agreement includes an option to increase the power capacity to 200 MW, at the time of project commissioning based on mutual confirmation by the two parties. PTC will market the power to various utilities and commercial & industrial C&I consumers on a long-term/ medium-term and short-term basis, it added.
Under this arrangement, PTC will provide Brookfield Renewables with an assured tariff and payment security, thus playing a vital role in the development of this renewable energy project.
PTC India CMD Rajib K Mishra said, “With a customer-centric approach and innovative strategies, PTC has continuously led the Indian power market, acting as a frontrunner and fostering growth through innovative ideas.”
Also read: Govt to offer a year’s extension to select solar, wind power projects
This structure, executed with Brookfield, is the first of its kind in the Indian power market and is in line with PTC’s efforts to source and supply renewable energy aligned with its sustainability goals. The power trader will scale this structure and replicate it in multiple transactions going forward, he added.
Trading activities
The trading activities undertaken by PTC include long-term trading of power generated from large power projects, including renewables as well as short term trading arising as a result of supply and demand mismatches, which inevitably occur in various regions of the country.
It has also been mandated by the Government of India to trade electricity with Bhutan, Nepal and Bangladesh.
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