NEW DELHI — Orange Renewable, a 100% subsidiary of Singapore-based AT Holdings Pte. Ltd, has secured a 200 MW Wind Power project in the State of Tamil Nadu under an intensely competitive global bid floated by Solar Energy Corporation of India (SECI).
The company’s bid of a highly competitive rate of Rs. 2.64 / unit (4.1 US cents / unit) is the lowest tariff in India and one of the lowest in the world, establishing Orange Renewable as one of the most competitive wind power producers in the world.
Speaking on the development, Sudhir Nunes, CEO, Wind Business, Orange Renewable said, “It is nothing short of a historic achievement for a young and steadily growing IPP like Orange. We were able to achieve our targeted returns at such a low tariff through a combination of factors, including: ownership of critical development assets in a site with strong wind resource, strong relationships with global suppliers of lowest cost of energy technology, cost economy of scale associated with a single 200MW project, efficient sourcing of capital, sophisticated and innovative contracts and low offtake risks in terms of PPA and evacuation.
We attribute this success to our disciplined focus on building project development, financing, construction management and asset management capabilities.” Based in Toothukudi district of Tamil Nadu, this project will be connected to the inter-state transmission system/national grid, which will enable flow of power from a region rich in wind resource to states that are relatively poor in wind resource in order to help meet their energy needs, comply with their renewable energy purchase obligations and lock-in stable, long-term power prices.
The project will supply clean and affordable energy to approx. 150,000 households and offset 650,000 equivalent tonnes of CO2.
About Orange Renewable, India (http://www.orangerenewable.net ) Headquartered in New Delhi, a 100% subsidiary of AT Holdings Pte. Ltd, Singapore, Orange Renewable Power is focused on developing, constructing and operating renewable energy projects in the field of wind and solar across India with presence in Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Rajasthan.
AT Holdings Pte Ltd, Singapore (http://www.atcapital.com.sg) Headquartered in Singapore, AT Capital Group was founded by Mr. Arvind Tiku. AT Capital Group has an asset portfolio worth approximately US$2.5 billion. Its global portfolio includes investments in residential and commercial real estate, hospitality, natural resources, renewable energy, engineering and construction.
Source: PTI
