German PV duo tie up India PPA

A German consortium of Solea and Pinpoint Ventures signed a power purchase agreement (PPA) for a 5MW solar project with Bangalore Electricity Supply Company (BESCOM) in India.

The partnership, led by Pinpoint’s Indian subsidiary Heidelberg Solar (HSPL) in Bangalore, won the project in the 130MW tender held by the state of Karnataka in August 2013.

“We have been able to understand the challenges of the solar market in India during the last 18 months and are very happy to announce the signing of this agreement valid for 25 years with BESCOM,” said Georg Sterner, director of Solea.

Solea offers EPC services through HSPL in the Indian market, and will initially concentrate on the South Indian states and projects between 1MW and 50MW in size.

The companies are planning a total of approximately 200MW of projects to be developed in the next three years.