O2 Power India, supported by Temasek and Alternative Asset Manager EQT, has completed its first solar project in India, a 250 MW solar plant near Jaisalmer, Rajasthan. Reportedly, the project was completed over phases in April-May 2022. It has 1,030 MW of projects in Rajasthan under development, including the recently commissioned Jaisalmer project.
The company has stated that the power produced will be sold to the Solar Energy Corporation of India (SECI) at a cost of Rs 2.50 per kW, with SECI selling the power to Rajasthan Urja Vikas Nigam Limited. The project appears to be part of O2 Power’s 500 MW portfolio purchased from Hero Future Energies in 2021.
O2 Power was formed in 2020 by EQT Infrastructure IV fund and Singapore’s Temasek to target over 4 GW of installed solar and wind capacity, with EQT and Temasek investing a total of $500 million in equity to be deployed over the next few years. In its two years of operation, the company has developed a pipeline of over 1.8 GW through a combination of auction wins and acquisitions, including the Hero Future Energies projects.