Suryachakra Power Venture Private Ltd has entered into a Memorandum of Understanding with Sunborne Energy Services India Pvt Ltd. of Gurgaon and CITADEL Research & Solutions Ltd of Hyderabad to work together for establishing a 5 MW Concentrated Solar Thermal Power project in the state of Andhra Pradesh.

SPVPL has earlier executed a Power Purchase Agreement with Central Power Distribution Company of AP Limited for establishing the project under Generation Based Incentive scheme of Ministry of New and Renewable Energy.

The project execution will be carried out by CITADEL and Sunborne and all the parties will endeavor to achieve financial closure and Commercial Operation Date at the earliest.