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Fast-growing, PEG’s latest project in Rajasthan, India was completed in December 2018 when officially grid connected. The solar PV plant, with a capacity of 70 MW, was delivered in 180 days with an investment of US$45m, with debt funding by the local Power Finance Corporation.In May 2017, PEG participated in the reverse auction of Bhadla Phase-IV Solar Park in Rajasthan, organized by the Solar Energy Corporation of India. PEG bid at INR 2.62/kWh, which was, at the time, the lowest solar bid price, ever, in India. Prime Minister Narendra Modi called the Phelan winning bid a “historic moment”, bringing the solar electricity price in India below that of coal power for the first time, in history.
In another major December 2018 development, PEG’s subsidiary, Solar Capital reached Financial Close on its third major plant, in South Africa, with a capacity of 86 MW. Standard Bank of South Africa was the Lead Arranger of the US$100m project debt. Solar Capital has signed a 20-year, South African government backed, PPA with a total value of $690 million, for this plant near the town of Loeriesfontein.
This is Solar Capital’s third major project in South Africa, bringing its total capacity to over 250 MW. Paschal Phelan, founder and Executive Chairman of the PEG Ltd., commented: “2018 was a year of significant growth and profitability with the expansion of our international footprint, and brings our international contracted electricity sales to over US$3.5 billion”.
Construction in Loeriesfontein will commence in quarter two of 2019, with grid connection in early 2020. The solar plant will produce 200 GWh of electricity annually - sufficient power over 50,000 homes. As part of the Project Solar capital will invest US$13.5m in its successful local Community Development Program.
PEG is a world leader in low-cost energy development with an exclusive focus on Solar PV. PEG commenced operations in South Africa 10 years ago and is led by a dynamic development team of 90 executives with 12 different nationalities, operating in 12 countries internationally. It has a total of one gigawatt of installed capacity and development pipeline, with a large and growing international footprint. In 2016, PEG completed the largest solar farm, at 175 MW, in the southern hemisphere.
PEG is a world leader in low-cost energy development with an exclusive focus on Solar PV. Apart from its new International HQ in Dublin, PEG has offices in Cape Town, South Africa; New Delhi, India; Dhaka, Pakistan; and Sydney, Australia. Its Cape Town office will continue to develop opportunities in Africa. New Delhi is the location of its International ‘Center of Excellence’ which is the key support office for Technology development and Project Design and Construction. It performs all its own EPC installations for projects up to 15 MW, through its subsidiary Repco Energy Ltd.
For more information, please contact: Ms. Ana Garcia Barrera, MBA Executive Assistant to Chairman Ana@phelanenergygroup.com T: +353 1 669 4680 | M: +353 83 891 6974 A: 1st Floor, 9 Exchange Place, I.F.S.C., Dublin 1
Contact Info:
Name: Ms. Ana Garcia Barrera
Email: Send Email
Organization: Phelan Energy Group
Address: 1st Floor, 9 Exchange Place, I.F.S.C., Dublin 1
Phone: T: +353 1 669 4680 | M: +353 83 891 6974
Website: http://www.phelanenergygroup.com
Release ID: 477163
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