O2 Power Commissions First 250 MW Solar Project in Bikaner

Temasek and Alternative Asset Manager EQT backed O2 Power India has commissioned its first solar project in India, the 250 MW Solar project at Jaisalmer, Rajasthan. Announced by the firm on its social handle, the project was commissioned over phases in April-May this year.

It has 1030 MW of projects under development in Rajasthan, including the Jaisalmer project that has been commissioned.

The company has highlighted that the offtaker for the power produced is Solar Energy Corporation of India, at a cost of Rs 2.50/kW, and SECI in turn will sell the power to Rajasthan Urja Vikas Nigam Limited.

The project seems to be part of the 500 MW portfolio acquired by O2 Power from Hero Energies in 2021.

For the Parag Sharma (Founder and CEO) led O2Power, there have been some notable wins in India, specifically, the 350 MW it won in the RUMSL auction in Madhya Pradesh, by bidding at Rs 2.44/unit.

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𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐢𝐧𝐠 𝐨𝐟 𝐨𝐮𝐫 𝐟𝐢𝐫𝐬𝐭 𝐩𝐫𝐨𝐣𝐞𝐜𝐭! 𝟐𝟓𝟎 𝐌𝐖 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐢𝐧 #𝐑𝐚𝐣𝐚𝐬𝐭𝐡𝐚𝐧
O2 Power stands at a momentous phase today. We have recently commissioned our first-ever solar project (250 MW) in Jaisalmer. #renewableenergy #Solarpower pic.twitter.com/WA1TELErg6

EQT and Temasek set up Renewable Energy JV ‘O2 Power’ in India

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— O2 Power (@O2Power_India) June 3, 2022

The firm recently announced a JV with Powin Energy to offer storage solutions in the country too.

Formed by EQT Infrastructure IV fund and Singapore’s Temasek in 2020, O2 Power was to target over four gigawatts (GW) of installed capacity across solar and wind and had received total commitments of USD 500 million in equity from EQT and Temasek to be deployed over the coming years. The Gurugram based firm has set up a pipeline of over 1.8 GW in the two years of its existence, with a mix of auction wins and acquisitions including the Hero Energies projects. While starting off with the utility scale segment, the firm has ventured into the C&I segment too, and claims to have over 240 MW of hybrid projects under development besides secured connectivity for 330 MW across states.