On the anniversary of Electrotherm’s abandonment of a 100MW project in India, the company has announced a cash injection from US$40 billion retail-to-telecom conglomerate, Aditya Birla Group. With the Indian government pushing hard to reach its 20GW of solar power target by 2022, the Aditya Birla Group plans to invest Rs. 6,000 crore (US$1.14 billion) and develop a capacity of 100MW over the next 18 months. The group has so far invested approximately Rs. 200 crore for 20MW of capacity, reports The Economic Times.
Aditya Birla Group acquired a minority stake in a solar power venture promoted by Electrotherm in Gujarat's solar park. Electrotherm has in turn struck a long-term leasing agreement with Refex Energy to operate the solar plant at Bithuja in Rajasthan. These units have a capacity to produce 1.55 million units of electricity per megawatt annually.
“We are getting ready for a large-scale rollout as solar energy holds the potential to replace the conventional sources of energy. It offers a great potential to scale up,” said Dev Bhattacharya, head of strategy, Aditya Birla Group.
“We have set a target of US$1 billion over the next five to six years,” he added.