$125 mln India solar park deal signed in Cyprus

Concept Solutions & Innovation Ltd, a Cypriot-based photovoltaic solutions provider, concluded and arranged the supply and financing for a mega solar park project in India worth USD 125 mln.

The 75MW solar park in Pune, Maharashtra, is owned by CaptureSolar Energy Limited which mandated Concept Solutions to coordinate the private-sector deal.

Concept then secured the latest technology from Danish turnkey PV developers DanSolar International and the threeway agreement was signed in Nicosia by CaptureSolar’s CEO Raju Shivaji Bhosale and Concept’s CEO Peer Gelser, witnessed by High Commissioner Ravi Bangar and First Secretary Chandrashekhar Sharma.

“This is a promising sector and the first of its kind coordinated by a Cyprus company,” First Secretary Sharma told the Financial Mirror.

He added that the development of solar parks is a booming market as India plans to install some 2,000 MW of PV units each year.

The project in Pune is aimed at a mix of consumers, both commercial power supply and domestic use.

CaptureSolar’s chairman and CEO Raju Shivaji Bhosale said that the PV solar park will be ready to supply electricity by March 2015.

The company has adopted collaborative approach with its technical partners, investors and landowners and helps to deliver cost effective solutions to it’s customers using a DBFO model (Design, Built, Finance and Operate). It currently has two solar parks underway, with a total 90MWp installed capacity and aims to deploy a cumulative solar installed capacity of 2GWp through organic and inorganic growth that contributes towards India energy security.