Bangalore-based real estate developer Embassy Group is planning a 200MW solar PV plant in the Indian state of Karnataka, according to Embassy Energy chief executive Anshul Singhal.
Singhal told PV Tech that the plant will be built by a newly-floated subsidiary of the group, Embassy Energy, in two phases of 100MW. The first phase is expected to be completed in March, 2017.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The project will require an investment of INR14 billion (US$215 million) of which 70% will be debt and 30% equity.
Embassy plans to further scale its power business and build 1GW of renewable energy projects across India over the next few years.
Singhal said: “Since we are already consuming 200MW, the first 200MW will be for our own consumption. Once this is commissioned, we would have developed the necessary in-house expertise for setting up and managing large scale solar farms.
“So the first 200MW is not really diversification but more for backward integration.”