Power trading solution provider PTC India has entered into a memorandum of understanding (MoU) with Brookfield Renewables to purchase 100 MW of solar power on a long-term basis.
Brookfield Renewables is developing a 400 MW solar power project at Bikaner solar park in Rajasthan under the $15 billion global transition fund (BGTF), with plans to commission the project in stages starting December 2023.
As per the agreement, PTC India will have an option to increase the power capacity to 200 MW, which is a call to be taken by both parties during the project commissioning.
PTC India plans to sell the power to various utility companies and commercial and industrial consumers on a long-term, medium-term, and short-term basis. PTC India will also provide Brookfield Renewables with a guaranteed tariff and payment security. The latter has a capacity of approximately 24,000 MW globally.
The deal structure is the first-of-its-kind in the Indian power market and in line with PTC’s efforts to source and supply renewable energy aligned to sustainability goals. It is also planned to be replicated in multiple transactions going forward.
