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Fidelis Close to Securing Funds for Indian Solar Power Project

June 14 (Bloomberg New Energy Finance) -- Fidelis Energy Inc. said it expects to secure additional funding within the month for its $25 million solar photovoltaic project, which is being developed in partnership with India’s Esar Solar Power.

“The company is currently in negotiations with six separate entities interested in additional funding for this project,” Fidelis Chief Executive James Poole said in a statement to shareholders. “Three of these are well known financial institutions looking for solar projects and the other three are very well known solar companies. Management feels that a letter of intent from one or more of these sources could be signed within the next 15 days.”

The company had already secured $30 million in funding from Empres Voss Capital of Switzerland in January.

The project to generate 5 megawatts of electricity near Jaisalmer in Rajasthan state is part of a larger 100-megawatt facility in the Thar desert.

The region gets 330 days of sunshine per year “and receives up to 6.2 kilowatt hours of solar energy per square meter every day, which is the highest in the world,” the company said in the statement.

The company said that the 960 acres of land required for the project will be “purchased from a syndicate of landowners at a cost of approximately $3.7 million.” The site is about 5 kilometers from the nearest government substation connected to the grid, it said.

To contact the reporter on this story: Vandana Gombar in New Delhi at vgombar@bloomberg.net

To contact the editor responsible for this story: Angus McCrone in London at Amccrone1@bloomberg.net

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