PTC India, a power trading solutions provider, has announced a partnership with Brookfield Renewables for the purchase of 100 MW of solar power on a long-term basis. Brookfield Renewables is currently developing a 400 MW solar power project in the Bikaner solar park located in Rajasthan.
In an official statement, PTC India revealed that they have executed a Memorandum of Understanding (MoU) with Brookfield Renewables for the procurement of 100 MW of solar power over a long-term period. Additionally, the agreement includes an option to increase the power capacity to 200 MW upon project commissioning, subject to mutual confirmation by both parties. PTC India will be responsible for marketing the generated power to various utilities, as well as commercial and industrial consumers.
One notable aspect of this arrangement is that PTC India will provide Brookfield Renewables with an assured tariff and payment security. This innovative structure, the first of its kind in the Indian power market, is expected to be scaled up and replicated in multiple transactions in the future, according to Rajib K Mishra, CMD of PTC India.
This collaboration between PTC India and Brookfield Renewables showcases the increasing momentum of renewable energy adoption in India. By securing a long-term purchase agreement for solar power, PTC India aims to contribute to the country’s clean energy transition while providing a stable and reliable power supply to its customers.
The execution of this agreement marks another significant step in India’s pursuit of achieving its renewable energy targets and reducing its carbon footprint. The solar power project in the Bikaner solar park is expected to contribute significantly to Rajasthan’s renewable energy capacity and support the state’s efforts in meeting its renewable energy goals.