Bangalore, 6th February

A German Consortium comprising of SOLEA AG and PINPOINT VENTURES HOLDING signed a Power Purchase Agreement for a 5 Megawatt Solar project with Bangalore Electricity Supply Company (BESCOM). BESCOM is responsible for providing electricity to more than 20 Million people in Bangalore and neighboring districts The Consortium led by PINPOINT’s Indian subsidiary Heidelberg Solar Pvt. Ltd., Bangalore had won the 5 MW project in the 130 MW Tender issued by Karnataka Renewable Energy Department Limited (KREDL) during August 2013.

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The Power Purchase Agreement was signed yesterday by the German Consortium company PINPOINT ENERGY K1 PRIVATE LTD in presence of BESCOM’s Managing Director Mr. Pankaj Kumar Pandey, IAS and General Manager (PP) Mr. C. R. Vijayadev.

Announcing the agreement Mr. Kishore Pinpati, Director of PINPOINT said “We are very happy to announce this agreement with BESCOM, coincidentally on the day of the arrival of the German President Mr. Joachim Gauck to Bangalore. We have been very impressed by the way the Tender process was formulated and executed by Karnataka State. We are the first German solar company to enter the State for such grid scale utility projects and plan to develop many more projects in Karnataka”.

Mr. Georg Sterner, Director of SOLEA AG said “We have been able to understand the challenges of the solar market in India during the last 18 months and are very happy to announce the signing of this Agreement valid for 25 years with BESCOM. This project clearly provides an example of Indo-German partnership in the Renewable Energy sector”.

Source: SOLEA AG