Essel Group has formed a joint venture with the Government of Rajasthan to set up solar parks with an investment of INR40 billion (US$626 million).
The JV company Essel Saurya Urja Company of Rajasthan Limited (ESUCRL) will set up solar parks in Bikaner and Jaisalmer with a capacity of 5GW. Both parties will hold a 50:50 stake in ESUCRL.
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The Rajasthan Government will provide land for the project, while Essel will develop the whole project including financing, technical support, operation and maintenance.
Ashok Agarwal, chief executive and director, Essel Infra and Utilities, said: “Solar Park Project in Rajasthan will be India’s turnkey project in the renewable energy space which will aid the clean energy initiatives of the Government of Rajasthan.
“For Essel Group, this is a step forward towards developing Eco-friendly energy sources, underlining its commitment towards the Central Government’s plan of setting up 100GW of solar power capacity by 2022.”
PV Tech recently reported Essel Group signing a memorandum of understanding (MoU) with Chinese firm, JA Solar, for setting up a 500MW cell and module plant in India.