**Sunsure Energy Signs Major Solar Power Purchase Agreement with SECI**
Sunsure Energy, an independent power producer backed by Partners Group, has entered into its first utility-scale solar power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to deliver 300 megawatts of renewable energy. As part of this agreement, Sunsure will construct a solar park in Bikaner, Rajasthan, with an estimated investment of ₹1,800 crore, aiming for project completion by December next year.
The PPA encompasses a peak capacity of 450MW with connectivity to the Inter-State Transmission System (ISTS). This marks Sunsure’s largest PPA to date and is part of SECI’s Tranche XIII auction for ISTS solar capacity, which the company secured in March of the previous year.
Shashank Sharma, CEO of Sunsure Energy, stated, “This agreement represents a pivotal milestone in Sunsure’s journey. Partnering with SECI for this utility-scale solar project amplifies our efforts to expand and diversify our portfolio.” He noted that the company has primarily focused on commercial and industrial (C&I) customers for renewable energy, a segment that will continue to drive growth over the next decade.
Sharma elaborated on the strategic move into the utility segment, which involves supplying power to state entities for distribution: “We have ventured into the Utility Segment as it offers opportunities to scale and build a robust portfolio that integrates creditworthy C&I customers with sovereign-rated off-takers like SECI, while ensuring healthy returns on equity.”
This project underscores Sunsure’s commitment to advancing the power transition in India, aligning with Prime Minister Narendra Modi’s vision of achieving energy independence for the nation. SECI, operating under the Ministry of New and Renewable Energy, facilitates renewable energy development by procuring power from independent power producers (IPPs) through competitive bidding and selling it to electricity distribution companies (discoms) via long-term PPAs.
Currently, Sunsure has operational assets totaling 500MW and aims to reach five gigawatts within three years through a combination of solar and wind energy projects. Partners Group AG, a Swiss global investment management firm, has committed $400 million in equity to support Sunsure’s growth initiatives.
