PTC To Purchase 100 MW Solar Power From Brookfield Renewables

PTC India – that offers power trading solutions – has announced that it has inked an agreement with Brookfield Renewables. Under the scheme of things, PTC India will purchase 100 MW of solar energy from Brookfield on a long term basis.

The agreement says that there is also an option to raise the power capacity by the players to 200-MW if the two parties agree mutually to it. This will be done when the solar project is being commissioned. In Bikaner district of Rajasthan, Brookfield Renewables is developing a solar power project having capacity of 400 MW.

The official statement of PTC India said, “PTC India has executed a Memorandum of Understanding (MoU) with Brookfield Renewables for purchase of 100 MW solar power on a long-term basis.”

The agreement also says that PTC India will be responsible for marketing of the green power to various utilities and commercial and industrial (C&I) consumers.

As per the MoU, Brookfield Renewables will be assured of tariff and payment security from PTC India.

Rajib K Mishra, CMD, PTC India, said, “This structure, executed with Brookfield is the first of its kind in the Indian power market… We will scale this structure and replicate it in multiple transactions going forward.” He said that the structure of Brookfield will help PTC India to source and supply green energy.

Brookfield Renewables is a leading global investor that has approximately 24,000 MW of generating capacity all over the world. The 400MW Bikaner solar power project is being developed by Brookfield Renewables under its $15-billion global transition fund (BGTF). The solar power project will be commissioned in phases starting from December 2023.

Recently, Brookfield Renewable announced that it will be investing up to US $ 1 billion in Avaada Ventures through its Brookfield Global Transition Fund (BGTF). The objective is to fund green hydrogen and green ammonia ventures in India.