US-based power producer Hilliard Energy plans to invest US$600 million to set up 650MW of solar and wind energy projects in the Indian state of Andhra Pradesh.
Palle Raghunath Reddy, information technology minister of Andhra Pradesh Government, announced his support for the cogeneration power project plans within the District of Anantapur.
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The company aims to install 500MW solar and 150MW wind capacity.
A Hilliard Energy statement said: “Economic growth in India has been on the rise and is expected to continue as evidenced by the increase in investment dollars the country is currently experiencing.”
It said that with over one third of India’s population having no access to electricity, its energy consumption is expected to double before it peaks in 2040, making it one of the few growth spots in emerging markets.
It added: “India’s unique solar and wind resources provide a robust background for Hilliard Energy’s planned cogeneration wind and solar projects. With over 330 sunny days each year and documented 80 metre [sic] wind speeds that support renewable development in India.”
Sterling Hilliard, director Hilliard Energy India, told PV Tech that the company plans to install 1.2Gw of solar in India overall over the next five years
He added: “There remains to be a lot of hype of foreign investment in India and the foreign investors are becoming more and more comfortable.Large size transactions are happening india from Morgan Stanley , Enel Green and SunEdisson in India's renewable sector.”
He said that the Indian government had made incentives such as discussions around dollar denominated PPA’s to help mitigate currency risk, land banks, interconnection studies and permitting, along with an urgency to get things done.
he said: “President Modi has created an urgency to power India like no other country.”
The news comes in the wake of a series of foreign investment announcements relating to the Indian solar market.
Last week Spanish wind power specialist Gamesa announced its first foray into solar with the development of 10MW of solar capacity in India.
SBG Cleantech, a joint venture between Japan-based Softbank, Taiwan-based Foxconn and India’s Bharti Enterprises will also invest US$20 billion in renewable energy projects across India over the next 10 years.
The Andra Pradesh government also recently announced that Softbank plans to set up a 20GW solar park along with a solar panel manufacturing unit in the state, under the ‘Make in India’ initiative.
This article has been updated to include comment from Sterling Hilliard.
