United Kingdom-based Downing has commissioned 20 MW of open access solar projects in the states of Telangana and Andhra Pradesh.
The projects comprise a combined total funding of Rs 1,259.92 million from the Downing Indian Solar Enterprise Investment Scheme (EIS) and other Downing-managed funds. The two solar projects are the first two investments made by the EIS in 2015 and 2016 respectively.
Downing Indian Solar EIS and Downing-managed Venture Capital Trusts (VCTs) provided Rs 672.18 million of funding to the special purpose vehicle (SPV) viz. SF Renewables, to support the construction of the 11.2 MW Kambadur solar project in Andhra Pradesh. Further, Downing Indian Solar EIS, Downing Estate Planning Service, and Downing-managed VCTs also invested Rs 583.49 million in Rockhopper Renewables, the SPV formed for the construction of 8.4 MW Jogipet solar project in Telangana.
The power generated by both these projects will be sold through open access power purchase agreement (PPA) to commercial and industrial customers.