Renewable energy firm Amaranto Group has signed a 50:50 joint venture agreement with Mumbai-based solar developer CPEC Ananta to build 200MW of solar PV projects in various Indian states over the next three to four years.
Rodolfo Bigolin, managing partner and chief executive of Amaranto Global Asset Management, the investment arm of Amaranto Group, told PV Tech that the firms currently have two projects with a combined capacity of 46MW under construction with the 200MW pipeline secured.
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He added: “We are aiming to have all the projects under a PPA with a utility or central government. We have some PPAs already in place with utilities.”
Amaranto will act as project developer, EPC contractor, O&M provider, asset manager and investor.
To date, Amaranto has built over 200MW of PV projects in Europe and performs O&M and asset management services for more than 150MW. In recent years, Amaranto has also deployed more than €400 million of equity and debt in solar and biomass projects in Italy, Romania, Poland, India, Nigeria and the Dominican Republic.
In a release, Bigolin added: “This is the confirmation that full integration is a very attractive business model for the emerging markets. Our reshaped and innovative co-investment model is becoming always more and more attractive for investors, which are looking to mitigate risks by having a fully aligned partner.”
