US based Schanti Partners to setup 50 MW Solar Plant in Bihar

Schanti Partners, a  New York based company is under process to setup a 50 MW Solar Power plant in the Kaimur district of Bihar. The Company would invest Rs 580 Crores. The project would be executed in 5 phases of 10 MW each under the aegis of Sparkle Solar Bihar, a subsidiary of Schanti Partners,

The company has submitted a proposal to the Bihar State Electricity Board (BSEB), a state owned utility, for a 25-year power purchase agreement (PPA) for the project, as it initially plans to build a 10MW unit.

The agency intends to enter into a 25-year Power Purchase Agreement (PPA) with BSEB. The proposed PPA rate is Rs 12.50/kWh.

Additionally,  Bihar State Investment Promotion Board and Bihar Renewable Energy Development Agency (BREDA) have also signed their approvals.

The project will employ solar equipment based on concentrating photovoltaic technology which will be procured from Sol Focus, a US-based solar equipment manufacturer.

Schanti Partners plan to secure a 30-year land lease for the project site; it has already secured a letter of intent (LOI) worth $30m from the US Export-Import Bank.

Schanti Partners, a provider of asset management services, will invest $105.1 M  in the whole project , which amounts to Rs. 580 Crores in Indian Currency.

Southeastern region of Bihar like Kaimur has one of the highest solar insolation rates in the world, with over 330 sunshine days in a year. Additionally, Kaimur district has robust electricity infrastructure, with grid connectivity and nearby electrical substations.