Utility plans $1.2bn investment in Indian solar power

By 2014, an Indian power utility plans to have installed over $1.2bn worth of solar powered generation in the subcontinent.

Industrial Info reports that Reliance Power Limited (BSE: 532939) has already invested $140m in a photovoltaic (PV) solar plant in the state, which is the largest solar project in India to date.

Reliance plans to commission a total of 140 MW of solar power in 2013. This includes 40 MW of PV and 100 MW of concentrating solar power (CSP). Total investment for these projects will be $600M.

Solar power plant

Anil Ambani, chairman of Reliance Power, said that the company planned to construct 300 MW of solar power in the next 24 months, which would double the investment in Rajasthan to more than $1.2 billion.

He added that Reliance Power had invested all the equity portion of the funding in the projects, and loans had been provided by the U.S. Export-Import Bank and the Asian Development Bank.

Reliance Power also has 94 MW of operational windfarms and has finalized plans to develop 5292 MW of hydropower projects that are in various stages of development. The company is planning for up to 10 per cent of its total energy portfolio to come from renewable energy sources.

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