Sarus Solar, a joint venture between three Canadian firms, plans to invest more than INR65 billion (US$1 billion) in a 500MW solar facility in the Indian state of Maharashtra.
The JV between PV firm Canadian Solar, EPC company Guycan Solar and investment firm Mackie Research Capital Corporation will develop the park in Shahpur, Thane district.
Sarus Solar has also partnered with domestic firm Neelkanth Solar Energy to help the company's entry into the Indian market.
Sarus Solar head of operations (India) Arun Agarwal told the Press Trust of India that the firm has bought 6.5 hectares of land on lease for 25 years from Dhanashree Infratech.
The firm is now awaiting approval from the Maharashtra government. It aims to supply all the electricity generated to the state and is looking to sign power purchase agreements with distribution companies.
The project is expected to be complete within 30 months from the date of commissioning, Agarwal said.
Once the project is complete, the JV also plans to set up another 500MW park in Jharkhand, which has already received approval.
For now, the company will be importing solar panels, but intends to set up a manufacturing facility in India.
Sarus Solar’s plans to build a similar solar project in Odisha were scrapped last year due to amendments in the land acquisition act.