OPG Power Ventures invests in Karnataka

The London-listed company OPG Power Ventures (OPG) recently said that its board has approved a GBP-45-million (USD 59.1m/EUR 53.1m) investment in four solar projects totaling 62 MW in the state of Karnataka. OPG which has 750 MW of operating thermal power assets in India said the projects were secured in a competitive bidding process. OPG Power Ventures has signed 25-year power purchase agreements (PPAs) with Karnataka Power Corporation at an average tariff of INR 5 (USD 0.074/EUR 0.067) per kWh. It expects to meet its targeted return levels without subsidies. All four project should be generating cash flow by June 2017. The company has set a target of building at least 300 MW of solar projects in India in the next three years.