Phelan Energy Group secures Financial Close of 50 MW project in Bhadla through Power Finance Corporation with a project cost of USD $40 Million.
Irish clean energy firm Phelan Energy Group reaches a financial close on its 50MW solar PV project in Bhadla Solar Park, Rajasthan. The project currently under construction with EPC Company Tata Power Solar has an expected COD of October this year.
In May 2017, Phelan Energy Group participated in the reverse auction of Bhadla Phase-IV Solar Park in Rajasthan, organized by the Solar Energy Corporation of India (SECI). Phelan Energy Group bid for 50MW at INR 2.62/kWh which was, at the time, the lowest bid ever in India, breaking the previous record of INR 3.15/kWh bid by France’s Solairedirect SA in an auction the previous month. The decisive break from the previous lowest bid prompted Prime Minister Narendra Modi to call the Phelan winning bid a “historic moment”, bringing the solar electricity price in India below that of coal power for the first time.
Phelan Energy Group achieved Financial Close after the imposition of safeguard duty, however the company claims to have jumped past that hurdle effectively. “Our organization is fully committed to support the vision of PM Modi and his team of ministers who are promoters of a larger share of solar energy capacity within the Indian energy mix. Phelan Energy Group will be part of this ambitious plan and sees India as a steady growth market for the years to come,” Paschal Phelan, Chairman, Phelan Group said.
He further added, “The Phelan vision is to continue to achieve the lowest cost of solar energy in the world. We are extremely focused on the cutting-edge Technology, efficient Design & Project Management, together with a proprietary Cost to Power financial model, whilst at the same time delivering high quality long-term plant performance.”
Recently, we reported that the latest Gujarat Urja Vitaran Nigam Limited (GUVNL) auction got a L1 Tariff of INR 2.44/kWh from Aditya Birla Renewables (100 MW) and Giriraj Renewables (300 MW), quashing all fears of the safeguard duty.