OPG Power Ventures Plc (LON:OPG) today said its board has approved a GBP-45-million (USD 59.1m/EUR 53.1m) investment in four solar projects totalling 62 MW in the Indian state of Karnataka.
The London-listed company, which has 750 MW of operating thermal power assets in India, said the projects were secured in a competitive bidding process. OPG Power Ventures has signed 25-year power purchase agreements (PPAs) with Karnataka Power Corporation at an average tariff of INR 5 (USD 0.074/EUR 0.067) per kWh. It expects to meet its targeted return levels without subsidies. All four project should be generating cash flow by June 2017. The company has set a target of building at least 300 MW of solar projects in India in the next three years.