Astonfield Signs Power Purchase Agreement with Central Electricity Board, CEB
Projects mark Astonfield’s sustained foray into the African Market leveraging Global Project Development Capabilities
KOLKATA, July 29, 2014 – Astonfield Renewables, a leading solar independent power producer across India, Eastern Africa and the Middle East, has been awarded two solar projects for a total of 4MW in Mauritius under the Government of Mauritius’ 10MW solar photovoltaic (PV) program. Mr. Naroo, Chairman of CEB, and resident board member of Astonfield Renewables, Dr. Babou Rajpati, signed the agreement today at the CEB head office in Curepipe.
The intensely competitive and rigorous tender process saw Astonfield emerge in the top three among 56 bids submitted by leading solar PV developers across the globe. Astonfield is one of only three companies to have been awarded this tender capturing 40 percent of the allocated projects. One of the first multi-national solar PV developers to be awarded utility scale solar PV power projects in Africa, Astonfield will leverage its significant presence in India and its global development expertise to deploy the most efficient and technologically advanced solar PV projects in Mauritius.
Astonfield will make a total investment of approximately $8.2 million to develop the projects, with two major local banks vying to provide the financing. The first 2MW project to be located in La Gaulette will be developed by Astonfield, while the second project, to be located in Union Flacq, will be developed in partnership with Alteo Energy.
Co-Chairman and Director of Astonfield Renewables, Mr. Ameet Shah stated today from his Mumbai headquarters, “We are indeed proud to have been entrusted those projects by the Government of Mauritius. With this additional capacity, Mauritius is positioning itself to be the clean energy hub for not only its territory but also East Africa as we are determined to use the country as a platform for financing activities, engineering and project management related work.”
Mr. Shah, who was appointed to the prestigious U.S. Department of Commerce Renewable Energy and Energy Efficiency Advisory Committee (RE&EEAC), added “Mauritius has taken a bold step in reducing its dependency on fossil fuels, especially being such a small island and much more vulnerable to climate change. Since the country benefits from great solar resources throughout the year, it makes sense to make the most out of it. These projects are in synch with the Maurice Ile Durable concept.”
About Astonfield Renewables
Astonfield Renewable Resources Ltd. is a leading provider of affordable renewable energy in emerging markets. Astonfield develops, owns, and operates a rapidly growing portfolio of utility-scale solar plants. Through strategic partnerships with global technology and finance leaders, Astonfield deploys the world’s most advanced, proven renewable energy solutions to power communities in India, Africa, and the Middle East. For more information visit: http://www.astonfield.com