PTC India inks MoU with Brookfield for 100 MW solar power in Rajasthan

Power trading solution provider PTC India on Tuesday announced that it has entered into a Memorandum of Understanding (MoU) with Brookfield Renewables to purchase 100 MW of solar power on a long-term basis. 

Brookfield Renewables, with a capacity of approximately 24,000 MW globally, is developing a 400 MW solar power project in the Bikaner solar park in Rajasthan under the $15 billion global transition fund (BGTF), with plans to commission the project in stages beginning in December 2023.

As per the agreement, PTC India will have an option to increase the power capacity to 200 MW, which will be confirmed by both parties during the project commissioning. PTC India will sell the power to different utilities and commercial and industrial consumers on a long-term, medium-term, and short-term basis. 

PTC India will also provide Brookfield Renewables with a guaranteed tariff and payment security, playing a crucial role in the project’s development.

Rajib K Mishra, CMD, PTC India Limited, said in a statement, “This structure, executed with Brookfield is the first of its kind in the Indian power market and in line with PTC’s efforts to source and supply renewable energy aligned with our sustainability goals. We will scale this structure and replicate it in multiple transactions going forward.”