On 30 March 2021, Yinson’s 80% indirect subsidiary, Rising Sun Energy K Pvt Ltd (“RSEK”) signed a 25-year power purchase agreement (“PPA”) with NTPC (“NTPC”) Limited for a 190MW solar project in Nokh Solar Park, Rajasthan. The estimated aggregate value of the contract, based on a fixed tariff rate of INR2.25/kWh, is approximately equivalent to INR27.5 billion (≈RM1.5 billion).

The PPA follows on from a Letter of Award (“LOA”) received from NTPC on 2 March 2020 for the construction and operation of the Nokh project. NTPC is India’s largest power utility, majority owned by the Government of India.

Initial activities are already underway for the construction of the plant, and it is expected to be operational by April 2022.