Yinson Wins 190MW Project in Nokh Solar Park, India
Yinson Holdings Berhad, through its subsidiary Rising Sun Energy, has received a Letter of Award (“LOA”) from NTPC Limited for the development and operation of a 190MWgrid-connected solar photovoltaic power project at the Nokh Solar Park in Rajasthan, India. RSEK is an indirect 80% owned subsidiary of Yinson.
A 25-year power purchase agreement will be signed with NTPC Limited – India’s largest power utility, majority owned by the Government of India. The plant is expected to be operational by April 2022. The estimated aggregate value of the contract, based on a fixed tariff rate of INR2.25/kWh, is approximately
equivalent to INR27.5 billion (≈RM1.5 billion).
The Nokh Solar Park is about 30km from the 140MW Rising Bhadla 1 and 2 solar plants, which are owned and operated by Yinson’s subsidiary, Rising Sun Energy Private Limited (“RSE”). Yinson completed the acquisition of a 95% stake in RSE in December 2020.
“This award is the Group’s first major milestone achieved through our acquisition of RSE, and a promising indicator that the synergies between Yinson and RSE have positioned the Group for steady growth in India’s renewables market,” said Yinson Group Chief Executive Officer Lim Chern Yuan.
Yinson Chief Executive Officer for Renewables, David Brunt, commented: “The great teamwork between Yinson and RSE has been instrumental in securing this project award. It is a significant milestone for Yinson, as India remains an important growth market for our Renewables Division.”
RSE Founder & Chief Executive Officer Arunav Sharma said: “This award has allowed us to further consolidate our position in India’s renewable energy market. We are now reaping the benefits of Yinson’s investment into RSE and look forward to further building our portfolio of renewable energy assets in India.
