Fotowatio Renewable Ventures (FRV), a company specializing in the development of renewable energy projects, has inaugurated the Andhra Pradesh project (138 MW of direct current) in India. It is the first large-scale solar energy installation in India developed by FRV.
The company was awarded this project in a reverse auction run by Solar Energy Corporation of India (SECI) in 2016. The auction was part of the National Solar Mission program, launched by the Government of India aimed at reaching 100 GW of solar capacity installed in the country by year 2022. At the time of the award the company reported a 25-year agreement with a fixed tariff of US 6.67 cents / kWh along with a feasibility gap fund of SECI.
Andhra Pradesh comprises two plants covering a total area of 100 hectares and is located in the Ananthapuramu Solar Park, 200 km from the city of Bangalore. The plants will meet the electricity needs of some 35,000 homes, while preventing the emission of 160,000 tons of greenhouse gases each year.
Potential of solar energy in India
“This project demonstrates FRV´s commitment in the Asia-Pacific region and represents a strategic step for FRV in the development of renewable energy generating assets,” said Tristán Higuero, Director of Operations of FRV East.
For José Luis Blasco, executive director of FRV in Asia, ” renewable industry in India has great growth potential”. “As developers of renewable energy projects, – Blasco adds -, we want to contribute our experience and knowledge to the development of this type of infrastructure, with the aim of promoting the generation of clean and affordable energy that contributes to the country’s sustainable growth“.
FRV´s international expansion
It is precisely in the context of this international expansion that the company recently announced the award of 55 MW to develop its first solar project in Armenia, following a tender by the country´s Fund for Renewable Resources and Energy Efficiency.
In connection to this project, the general director of FRV for the Middle East and Africa, Nicolás Fasquelle, highlighted the importance of this nation in the company´s expansion objectives: “Armenia’s ever-growing drive to boost renewable energies is a decisive factor to bet on the country, as it offers several opportunities to carry out clean energy projects. With this award we have achieved a double objective: to continue leading the solar industry and continue contributing to a more sustainable future, generating wealth and employment in green energies in the regions where we operate “.
FRV develops renewable energy projects in markets comprising Europe, Australia, India, the Middle East, Africa and Latin America. Since 2006, FRV´s management team has completed the construction, operation, maintenance and financing of more than 1,800 MWdc of photovoltaic and solar thermal power plants. These projects represent more than three million dollars of investment with the participation of more than 20 financial entities.