India has been chosen by AREVA Solar to build the next largest solar power plant in Asia because of its growing market as well as being able to enjoy 250 to 300 sunny days per year. This power plant will aim to deliver 250 megawatts.
The US Exim (Export-import) bank has approved a $80 million direct loan for Reliance Power to fund acquisition of solar power technology from American companies. This investment will allow renewable energy US exporters to have a larger presence in India and help them be more competitive against other German and Chinese solar companies.
The project is also being co-financed by the Asian Development Bank and the Dutch Development Bank. Reliance Power also plans to add another 100 megawatt capacity the following year, on top of the 250 megawatt plant as planned.
The project itself will generate enough electricity to power 250,000 homes in India, by dividing into two 125 megawatts of concentrating solar power plants. The first phase of the Concentrated Solar Thermal Power project is now underway and is scheduled to start operating from May 2013.
Further, AREVA Solar has also successfully received a contract from Australia to build a 44 megawatt solar thermal project to the Kogan Creek power plant.
Have a read for more information: