Solar projects in Punjab, Orrissa and Uttarakhand work with Staten Solar to successfully raise financing from Staten's affiliate investors.

CHENNAI, JULY 1:
Consolidated Construction Consortium Ltd is set to commence generation of 5 MW solar photovoltaic power in January 2012, according to company officials.

The company has achieved financial closure for the Rs 55 crore project coming up in Tuticorin, Tamil Nadu. It is among the 29 five-MW grid-connected solar photovoltaic power projects selected by the NTPC Vidyut Vyapar Nigam Ltd as part of the Jawaharlal Nehru National Solar Mission. It signed the Power Purchase Agreement with NVVN in January.
Mr R. Sarabeswar, Chairman and Chief Executive Officer, CCCL, said its subsidiary CCCL Infrastructure is implementing the project. Orders for equipment have been placed with leading players including Solar Frontier, Japan, for photovoltaic units, and Power One of the US for inverters, with the EPC handled by the Indian arm of the US-based Staten Solar.

Company officials said the project presents potential revenue of about Rs 97-100 crore over the 25-year licence period. CCCL bagged the project with a bid of Rs 12.70 a unit, with an estimated IRR of about 16-17 per cent. As an early mover in the solar energy sector, the company has the advantage to expand this capacity under future bids called under the mission. The company has the land bank for the project, which is designed in modules that can be expanded as required.