Sunday, April 14, 2024
Outlook.com
Outlook India
Outlook Business

First Solar Signs PPA With Cleantech Solar To Power India Manufacturing Facility

Under the agreement, Cleantech Solar will construct 150 megawatts (MW) of photovoltaic (PV) solar and 16.8 MW of wind-generating assets in Tamil Nadu

First Solar Signs PPA With Cleantech Solar To Power India Manufacturing Facility

Outlook Start-Up Desk

POSTED ON January 05, 2024 6:01 PM

First Solar, Inc. (Nasdaq: FSLR) entered into a 15 year captive Power Purchase Agreement (PPA) with Cleantech Solar. 

Under the agreement, Cleantech Solar will construct 150 megawatts (MW) of photovoltaic (PV) solar and 16.8 MW of wind-generating assets in Tamil Nadu, India, supplying approximately 7.3 gigawatt-hours (GWh) of clean electricity to First Solar’s new 3.3-gigawatt (GW) vertically integrated solar manufacturing facility, also located in Tamil Nadu.  

When fully commissioned by the third quarter of 2024, the solar and wind generation assets are expected to provide up to 70 per cent of the facility’s anticipated electricity needs. They are expected to displace almost 7,000 kilotons of CO2 emissions over the duration of the PPA, the company said in a statement. 

Cleantech Solar has agreed to procure 150 MW of advanced, India-made Series 7 thin film solar panels from First Solar, utilising the modules to power the solar PV component of the PPA. The modules are expected to be delivered in the first half of 2024, it added.  

“Our new manufacturing facility in Tamil Nadu sets a high benchmark for responsible and sustainable vertically integrated solar manufacturing, not just in India, but globally,” said Sujoy Ghosh, vice president and managing director of First Solar, India. “By powering our operations with clean, renewably-generated electricity, we are working to further reduce our environmental footprint, which is already the lowest in the industry.” 

First Solar’s Tamil Nadu plant, located in an area of high baseline water stress, is believed to be the world’s first net-zero water withdrawal solar manufacturing facility, it added.  

“This collaboration extends beyond powering First Solar's flagship manufacturing facility in India; it involves leveraging their advanced, ultra-low carbon thin film solar panels to energize our solar assets,” said Sachin Jain, chief executive officer of Cleantech Solar. “Cleantech has a substantial presence in the state of Tamil Nadu within the renewable energy sector, particularly in Wind and Solar. Our state-of-the-art solar and wind energy parks in the region play a pivotal role in delivering clean and cost-competitive power to our esteemed clients, including First Solar.”

The facility is designed to minimise its impact on local water resources and will rely entirely on tertiary-treated reverse osmosis water from the city's sewage treatment plant and have zero wastewater discharge, the company said.  

  • Related Articles

    This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021

    Mobikwik Refiles Draft Papers With SEBI To Raise Rs 700 Crore

    They believe this extension will ensure sustained momentum for the sector by emphasising on holistic ecosystem development rather than focusing on buyer incentives alone

    EV Players Implore Govt To Extend FAME Incentives For Another Five Years

    The refurbished batteries under the brand name ReStore will be sold to the customer at almost half of the cost of a new inverter battery along with warranty

    Tesla Power India Unveils 'ReStore' Plans 5000 Centers by 2025