Enfinity and Titan Energy have announced their plans to work in partnership to finance and construct 1GWp photovoltaic installations on 3000 acres of land in Andhra Pradesh, India, over the next five years. The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) will distribute, in long lease, the 3000 acres in the villages of Thumalla, Dademavaripalli, Pulikuntapalli, Karimireddypalli and Lokogipalli and at the industrial park of Amadugur near Kadiri.
“This collaboration is of major strategic importance in the further development of our activities in the high potential PV market in India”, said Gino Van Neer, founder of Enfinity and CEO of Enfinity Asia.
Enfinity will take on the development and financing aspect of the project while Titan will be the contractor and supplier of PV modules. The two companies have established a special purpose vehicle (SPV) for this venture.
“Receiving the allotment letter for 1GWp solar power plant from APIIC is a testimony of Titan’s ability and competency in establishing large utility scale solar power plants. Our SPV with Enfinity would be the right vehicle in implementing such large projects”, commented Sankar Rao, managing director of Titan.
With India’s increasing need for primary energy and electricity needs, the country is turning to renewable energy sources to take advantage of its average 300 days of sun per year. India’s National Action Plan of Climate Change looks toward a National Solar Plan, which is expected to come into play this month. The solar plan sets an ambitious goal by the government to reach 20GW by 2020, 100GW by 2030 and 200GW by 2050.