Pace Digitek Secures Rs. 17,750 Million Solar Project from KREDL

Pace Digitek Ltd has announced the receipt of an order from Karnataka Renewable Energy Development Limited (KREDL) for the development of a 250 MWAC Solar PV Project along with a 250 MW/1100 MWh Battery Energy Storage System (BESS). The project will be executed at the Pavagada Solar Park in Karnataka and is valued at approximately Rs. 17,750 Million, inclusive of GST.

The project involves the construction of a solar photovoltaic system and an energy storage system. The execution timeline is set for 18 months from the signing of the Power Purchase Agreement and Battery Energy Storage Purchase Agreement. The operational phase of the plant will extend for 25 years from the commissioning date, as per the terms and conditions outlined in the Request for Selection (RfS) and Power Purchase Agreement.

The project will operate at a tariff rate of Rs. 5.51 per unit. The order has been awarded by a domestic entity, and there are no related party transactions involved. The promoter group or group companies of Pace Digitek Ltd do not have any interest in KREDL.

Karnataka Renewable Energy Development Limited is focused on promoting and facilitating renewable energy projects in the state of Karnataka. The organization is involved in the development of solar, wind, and other renewable energy sources to enhance the state’s energy capacity.

Pace Digitek Ltd specializes in infrastructure development with a focus on renewable energy projects. The company is engaged in expanding its portfolio in the solar energy sector, aiming to contribute to sustainable energy solutions. Pace Digitek Ltd continues to secure projects that align with its strategic priorities in the renewable energy domain.