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.
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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.”
