Partners Group-backed Sunsure Energy signs 300MW power deal with SECI | Company Business News
The Partners Group-backed independent power producer Sunsure Energy has signed its first utility-scale solar power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 300 megawatts of renewable energy.
Under the PPA, Sunsure will develop a solar park in Bikaner, Rajasthan, with an estimated cost of ₹1,800 crore. The project is expected to be completed by December next year.
The company said the agreement covers a peak capacity of 450MW with Inter-State Transmission System (ISTS) connectivity. It is Sunsure’s largest PPA and is part of SECI’s Tranche XIII auction for ISTS solar capacity, which the company won in March last year.
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Megawatt peak corresponds to the maximum power output of a solar power system and is a theoretical value that indicates the peak power a system can deliver under ideal conditions and tends to be much higher than the actual power generated. ISTS is the national transmission grid that allows the movement of electricity generated from one state to another.
“This agreement represents a pivotal milestone in Sunsure’s journey,” said Shashank Sharma, chief executive officer of Sunsure Energy. “Partnering with SECI for this utility-scale solar project amplifies our efforts to expand and diversify our portfolio.”
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He said the company has focused on the commercial and industrial (C&I) customers for renewable energy so far, and the segment will continue to support the company’s growth over the coming decade.
Explaining the need for the company to venture into the utility segment, which refers to the supply of power to state undertakings for distribution, Sharma said: “We have made a foray into the Utility Segment as it provides us with opportunities to scale and establish a robust portfolio that integrates creditworthy C&I customers with sovereign-rated off-takers like SECI, all while maintaining healthy returns on equity.”
He said this project reaffirms the company’s unwavering commitment to driving the power transition in India and aligns with PM Narendra Modi’s vision of making India an energy-independent nation.
In India, SECI, which falls under the purview of the ministry of new and renewable energy, acts as a facilitator for the development of renewable energy. It procures power from independent power producers (IPPs) through competitive bidding and then sells it to electricity distribution companies (discoms) through long-term power purchase agreements.
Sunsure has operational assets of 500MW and targets reaching five gigawatts in three years through a mix of solar and wind energy.
Swiss global investment management firm Partners Group AG has given Sunsure an equity commitment of $400 million to build the largest industrial decarbonization company in India and Southeast Asia.
