EnviroMission said Friday the development funds for a concentrated solar power (CSP) tower in India have been secured and are pending release by an unnamed international bank.

In July 2014, EnviroMission announced that it will form a joint venture (JV) with Mumbai-based RA Solar Power Pvt Ltd which will have the rights to engage in solar tower projects in the country. The Indian partner has already sourced the funds needed to meet the USD-2-million (EUR 1.8m) development fee for EnviroMission’s technology. The sum will comprise cash and equity, while the Australian firm also gets a 20% stake in the JV, called RA Solar Pvt Ltd.

The amount secured will also cover project financing for the first Indian CSP tower and the ongoing technology management and royalty fees over the whole term of the agreement with EnviroMission. A power purchase agreement (PPA) for the facility was secured with a domestic utility in February this year.

“Securing the necessary commercial arrangements [will] underpin successful Solar Tower development in one of the fastest growing economies of the global market,” CEO Roger Davey, noted. The exact capacity of the project remains undisclosed.

EnviroMission owns the global license for the specific solar tower technology, excluding China. The company is planning a number of CSP systems in India, while it also has projects in the US and other markets.