Business conglomerate Adani Group has signed an agreement with utility Tamil Nadu Generation and Distribution Corporation (Tangedco) to set up a 648MW solar park valued at INR45.4 billion (US$715 million) in the Indian state of Tamil Nadu, according to local reports.
Made up of five separate projects, the plant would be set up in Kamudhi, Ramanathapuram district and power generated from it would be purchased at a price of Rs.7.01 per unit by the government.
Tangedco has already signed power purchase agreements with 31 private players to generate 436MW of solar power. These, combined with the Adani Group agreement, are expected to draw in investment of around INR75.9 billion towards generation of 1,084MW of solar energy in Tamil Nadu.
In related news, the Tamil Nadu government last week said it would sign power purchase agreements (PPAs) in order to buy 2GW of solar power by the end of this year.