India-based renewable energy company, Bharat Light and Power (BLP), and Norwegian state-owned electricity company Statkraft have formed a 50:50 joint venture to provide distributed solar in India.
The JV named Statkraft BLP Solar Solutions (SBSS) will offer both rooftop and ground-mount solar solutions to industrial and commercial consumers. SBSS will also provide various financing structures.
The Indian government has earmarked 40GW of rooftop solar to be installed by 2022 as part of its 100GW solar target.
BLP chief executive Tejpreet Chopra, said: “This partnership brings together two entities committed to support the government’s renewable energy objectives. By providing distributed solar energy solutions on a per kWh basis, storage and micro grid solutions, we intend to transform the way power is generated and consumed in India. This will go a long way in supporting the government’s mission of 24/7 power for all by 2019.”
Statkraft chief executive, Christian Rynning-Tønnesen said: “Exploring new business opportunities within distributed solar energy are of great importance to Statkraft. The combination of our core competence in energy management and BLP’s local knowledge and expertise, constitutes a solid platform for value creating services to industrial and commercial customers in India”.
In September, Italian-based renewable energy developer Enel Green Power (EGP) entered the Indian market by acquiring a majority stake in utility-scale wind and solar operator BLP Energy, a subsidiary of BLP, for around EUR30 million (US$32.7 million).