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Yinson bags RM1.5bil solar photovoltaic contract in India

KUALA LUMPUR: Yinson Holdings Bhd, through subsidiary Rising Sun Energy (K) Pvt Ltd, has bagged an estimated aggregate value of 27.5 billion rupees (RM1.5 billion) contract from India's largest power utility NTPC Ltd.

In an exchange filing today, Yinson said the contract was for the development and operation of a 190MW grid-connected solar photovoltaic power project at the Nokh Solar Park in Rajasthan.

Yinson said the contract value is based on a fixed tariff rate of 2.25 rupees per kWh.

The plant is expected to be operational by April 2022. The company has today received a Letter of Award (LOA) from NTPC related to a 25-year power purchase agreement, which will be signed with NTPC.

The Nokh Solar Park is about 30km from the 140MW Rising Bhadla I and II solar plants, which are owned and operated by Yinson's subsidiary Rising Sun Energy Private Ltd (RSE).

Yinson completed the acquisition of a 95 per cent stake in RSE in December 2020.

Yinson group chief executive officer Lim Chern Yuan said this was the group's first major milestone achieved through its acquisition of RSE.

"It is a promising indicator that the synergies between Yinson and RSE have positioned the group for steady growth in India's renewables market," he said in a separate statement today.

Yinson chief executive officer for renewables, David Brunt said a great teamwork between Yinson and RSE had been instrumental in securing the project.

"It is a significant milestone for Yinson, as India remains an important growth market for our renewables division.

"RSE founder and chief executive officer Arunav Sharma said the contract had allowed the company to consolidate its position in India's renewable energy market.

"We are now reaping the benefits of Yinson's investment into RSE and look forward to further building our portfolio of renewable energy assets in India," he added.

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