Automotive equipment supplier JBM Group has announced plans to enter the solar market by building a combined 300MW of solar capacity in India over the next three years.
Under a newly formed entity, JBM Solar, the firm plans to act as an independent IPP and has earmarked Rs. 1,600 crore (US$250 million) for the first phase. It will focus on ground mounted and solar rooftop projects.
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JBM has already commissioned its first rooftop solar installation of 250kW capacity at the India Habitat Centre in New Delhi.
It has also secured a 20MW order from the Government of Haryana State. JBM claims this will be the largest solar power plant in Haryana.
JBM is in discussion with various state electricity producers or ‘discoms’ to set up more solar projects.
Going forward, the company, which has an annual turnover of US$1.2 billion, expects around 15% of its total revenue to come from solar power projects. It also plans to extend into wind and biomass in its next phase.
Nishant Arya, executive director, JBM Group said: “With the Indian national solar target increasing from 20GW to 100GW by 2022 and our government’s ongoing focus towards building smart cities, we feel this is the right time to enter into the solar power sector.”
He added: “With clean energy getting international thrust, we are extremely bullish on our latest foray. We also plan to hire up to 100 people in the solar vertical.”
This week PV Tech reported a proposed amendment to the Renewable Purchase Obligation (RPO) by India’s ministry of power. State Electricity Regulatory Commissions in India could soon be obliged to purchase 8% of their power generation from solar sources by March 2019, up from the original target of 3% by 2022, under the proposals.
