A solar park in Rajasthan, India, will again benefit from the joint expertise of Total Eren and EDF Renewables through the SECI III PV project. The two companies have secured $165 million in financing to take on this 450 MW photovoltaic park project.
A solar park in India very attractive for the French industry
165 million in northern India
This photovoltaic plant is attracting more and more financial interests. This is evidenced by the $165 million “green loan” provided by DBS Bank Ltd, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, as part of the PV SECI III project. Joint venture of Total Eren and EDF Renewables, EDEN Renewables India which will benefit from it.
This solar project located in northern India will eventually develop 450 MW of electricity.
EDEN Renewables India, a major player in India
In 2019, the tender for the project had been won by EDEN Renewables India having signed a contract with the Solar Energy Corporation of India (SECI). With this project, EDEN Renewables India has become one of the top three winning bidding groups in India.
In 2020, the company had 207 MW of plants in operation, 450 MW under construction. Also, more than 1600 MW under development and expected by 2022.
French industry to meet the challenges of the energy transition
40% renewable energy in India by 2030
The project is expected to be delivered in the first half of 2021. Its commissioning will be, according to the management of EDEN and EDF Renewables, a key step for the development of renewable energy in India. The solar park in India thus contributes to the 40% non-fossil fuel production target by 2030 that India set at COP 21.
French companies on all emerging fronts
This success also reflects the desire of French players to position themselves on the renewable energy markets in emerging countries.
Traditionally present in Europe and North America, EDF Renewables is increasingly turning to markets such as Brazil, China and India. Total Eren, in which Total SA has been a shareholder since 2017, inherently targets these countries where renewable energy represents an economically viable response to growing energy demand.