Sparkle Solar Bihar I, a US-based subsidiary of Schanti Partners will execute the project which will be developed in phases (10×5 MW).
The project will employ solar equipment based on concentrating photovoltaic technology which will be procured from Sol Focus, a US-based solar equipment manufacturer.
The company has submitted a proposal to the Bihar State Electricity Board (BSEB), a state owned utility, for a 25-year power purchase agreement (PPA) for the project, as it initially plans to build a 10MW unit.
The proposed PPA rate is INR12.50 ($0.225)/kWh, according to The Economic Times.
It has also received an approval from the Bihar State Investment Promotion Board and a no-objection letter from Bihar Renewable Energy Development Agency.
Schanti Partners plan to secure a 30-year land lease for the project site; it has already secured a letter of intent (LOI) worth $30m from the US Export-Import Bank.
The LOI is subject to various factors including the use of solar power equipment, manufactured in the US.
