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.
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.”