Friday 29 Mar 2024
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KUALA LUMPUR (March 3): Yinson Holdings Bhd’s unit has bagged a contract worth an estimated 27.5 billion rupees (RM1.5 billion) to develop a 190MW grid-connected solar photovoltaic power project in the Nokh Solar Park in India’s Rajasthan state.

The contract awarded to the group’s indirect 80%-owned subsidiary Rising Sun Energy (K) Pvt Ltd (RSEK) by NTPC Ltd has an estimated aggregate value based on a fixed tariff of 2.25 rupees per kWh, said Yinson.

The plant will be located about 30km away from Yinson’s existing 140MW Bhadla projects operated by its 95%-owned subsidiary Rising Sun Energy Pvt Ltd, the group said in a bourse filing.

Yinson said RSEK will enter into a power purchase agreement to supply 25 years of solar power generated electricity to NTPC. Any extension of the agreement period beyond 25 years will be through mutual agreement between NTPC and RSEK.

The commercial operation of the plant is scheduled to commence in April 2022, said Yinson, adding that the deal is expected to contribute positively to the group’s earnings and net assets per share.

Shares of Yinson closed two sen or 0.38% higher at RM5.30 today, valuing the group at RM5.83 billion. Over the past year, the counter has slipped 24.6% from RM7.03.

Edited ByS Kanagaraju
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