Suryachakra Power Corporation Ltd has announced that Suryachakra Power Venture Pvt Ltd the subsidiary of Suryachakra Power Corporation Ltd has entered into Shareholders and Share Subscription Agreements with Flagsol GmbH, Germany for setting up the grid connected Solar Thermal Power Projects, under the Phase I of Jawaharlal Nehru National Solar Mission.

Accordingly, bids will be submitted shortly to NTPC Vidyut Vyapar Nigam Ltd, the nodal agency for this purpose, by Special Purpose Companies (50:50 equity partnership by SPVL and Flagsol) for setting up the projects for purchase of power for a period of 25 years.

The SPV are Suryachakra MSM Solar India Pvt Ltd 50 MW in the State of Gujarat and Aasrit MSM Solar Energy Pvt. Ltd 5 MW in the state of Chhattisgarh. This is in addition to the Group's earlier registered two projects of 5 MW each concentrated Solar Thermal under demonstration scheme of Govt. of India.