Power trading solutions provider PTC India on Tuesday said it has signed an agreement with Brookfield Renewables for purchase of 100 MW solar power on a long term basis.
Brookfield Renewables is developing a 400 MW solar power project in Bikaner solar park in Rajasthan.
"PTC India has executed a Memorandum of Understanding (MoU) with Brookfield Renewables for purchase of 100 MW solar power on a long-term basis," PTC India said in a release.
The agreement includes an option to increase the power capacity to 200 MW at the time of project commissioning based on mutual confirmation by the two parties.
PTC India will market the power to various utilities and commercial and industrial consumers.
Under this arrangement, PTC India will provide Brookfield Renewables with an assured tariff and payment security.
"This structure, executed with Brookfield is the first of its kind in the Indian power market... We will scale this structure and replicate it in multiple transactions going forward," PTC India CMD Rajib K Mishra said.
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