Partners Group-backed Sunsure Energy signs 300MW power deal with SECI

The independent power producer Sunsure Energy, supported by Partners Group, has entered into its inaugural utility-scale solar power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to deliver 300 megawatts of renewable energy.

According to the PPA, Sunsure is set to establish a solar park in Bikaner, Rajasthan, at an anticipated expense of ₹1,800 crore. The project is forecasted to finish by December of next year. The company mentioned that the contract includes a maximum capacity of 450MW along with Inter-State Transmission System (ISTS) connectivity. This is Sunsure’s biggest PPA and constitutes a part of SECI’s Tranche XIII auction for ISTS solar capacity, which the firm secured in March of the previous year.

Megawatt peak refers to the highest power output of a solar power system and is a theoretical figure representing the maximum power a system can provide under optimal conditions, often significantly exceeding the actual power produced. ISTS is the national transmission network facilitating the transfer of electricity produced in one state to another. He mentioned that the company has primarily targeted commercial and industrial (C&I) clients for renewable energy so far, and this segment will keep driving the company’s growth during the next decade.

Explaining the need for the company to venture into the utility segment, which refers to the supply of power to state undertakings for distribution, Sharma said: “We have made a foray into the Utility Segment as it provides us with opportunities to scale and establish a robust portfolio that integrates creditworthy C&I customers with sovereign-rated off-takers like SECI, all while maintaining healthy returns on equity.”

He stated that this initiative reinforces the company’s steadfast dedication to facilitating the energy transition in India and is in line with PM Narendra Modi’s aspiration of transforming India into an energy-independent country.

In India, SECI operates under the ministry of new and renewable energy, serving as a facilitator for renewable energy development. It obtains electricity from independent power producers (IPPs) via competitive bidding and subsequently sells it to electricity distribution companies (discoms) via long-term power purchase agreements. Sunsure currently has operating assets of 500MW and aims to achieve five gigawatts in three years by utilizing a combination of solar and wind energy.

Swiss global investment management company Partners Group AG has pledged an equity investment of $400 million to establish the largest industrial decarbonization firm in India and Southeast Asia.