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Ayala Backed Sitara Solar Achieves Financial Closure for 100 MW Rajasthan Project
ICRA Accredits Waaree Energies with Highest ‘SP1A’ Ranking
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itara Solar, backed by the Philippines based Ayala Solar subsidiary AC Energy and UPC Renewables China Holding, has announced financial closure for its 100 MW project in Rajasthan. The firm had won the project in SECI's 750 MW solar auction just over a year back, by bidding at a price of Rs 2.48/ KwH. The project was its first major investment in India. The other winners in the auction were Acme Solar, Fortum Solar, and Palimarwar Solar. With this closure, the firm expects the project to be be online soon, in the first half of 2021 in fact. An interesting aspect of this auction was that all power is being procured for the state of Rajasthan, with the state providing transmission infrastructure land availability. That was cited as a key reason why bids had been lower, relatively for this project at the time. It has been a well established trend for overseas firms now to stick to auctions by mostly central government agencies, especially SECI or NTPC< rather than state government auctions, after the fiasco with Andhra Pradesh in 2019. Sitara Solar has estimated the project cost at US$67 million. The construction of the solar farm started last year. Sitara Solar has secured a 20-year loan from the US International Development Finance Corporation (DFC), to be funded through a 75:25 debt-to-equity financing scheme. The JV between AC Energy and UPC Renewables has about 450MW of projects under development in India, with an initial target of GW for the region. UPC Renewables formed companies have developed more than 73 operating wind and solar projects with a total installed capacity of 4,500MW and an investment value of over US$8.4 billion.
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SAUR ENERGY INTERNATIONAL M A R C H 2 02 1 SAURENERGY .C O M
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aaree Energies has been assigned SP1A ranking by ICRA emphasizing strong performance capability and financial strength to undertake solar projects One of India’s leading solar solutions firms, Waaree Energies has been assigned the highest-ranking of SP1A by the Investment Information and Credit Ranking Agency of India (ICRA) under System Integrator Grading. The ranking SP1A emphasises that the company’s superior performance capability and highest financial strength to undertake solar projects. Valid for two years, it reiterates Waaree’s position as the most efficient and trusted player in the solar manufacturing space. This also makes the brand one of the most preferred partners among stakeholders owing to its robust project financing caliber and sound technological infrastructure. It assures customers timely completion of projects, well-rounded project development skills, expert rooftop solutions, adept power production and superior ability to orchestrate large-scale solar projects contributing to India's mission of 175 GW by 2022 in the larger scheme of things. Waaree has already executed over 600 MW solar projects and has a record of executing a 50 MW solar
project in Vietnam in 100 working days, becoming the first Indian solar company to achieve this feat. Dr. Hitesh Doshi, CMD, WAAREE Group said, “We are honoured to have been affirmed with the prestigious SP1A ranking by ICRA. We are also thankful to our stakeholders for their trust and confidence has helped us accelerate our growth journey and scale new heights. We will continue to be committed to customercentricity, uncompromised service quality and affordable pricing. These recognitions push us to continuously innovate, improve and thrive.” The ranking derives its strength from the company’s well-nurtured and established a professional relationship with stakeholders, positive customer feedback on projects executed and excellent aftersales service. It is also reflective of Waaree’s well-trained manpower with exceptional experience in the EPC service. WAAREE was recently recognized as 'India's Greatest Brand' in Solar Industry by AsiaOne for FY. 2019-20. WAAREE has maintained its position as the Bloomberg Tier 1 manufacturer for the last 24 quarters. WAAREE serves over 5000 customers globally which illustrates the trust gained by the company over a period of 32 years of its existence.
