Reliance Power will partner with state-owned Power Finance Corp in its quest to earn INR3.1bn ($693m) by selling carbon credits generated by two ultra-mega power projects in India.

The public private partnership (PPP) will allow the company to earn the 3.5 million carbon credits worth INR1.1bn (246.13m) over a ten-year period from its 4GW coal-fired Krishnapatnam power project located in Andhra Pradesh.

Meanwhile, the Sasan project, located in Madhya Pradesh, is expected to generate over 22 million carbon credits worth INR2bn ($447.51m).

The two developments are being built at an estimated cost of INR330bn ($7.38bn).