The Group’s objective is to mirror its energy mix with that of India and aims to set up 300 MW of renewable projects over the next three years.
Solar power has now become attractive due to the significant fall in panel costs and in India, which has high irradiation, it has become viable without subsidies. As a result, India has set a target of installing 100 GW of solar power by 2022 to meet its commitment towards climate change.
62 MW Solar Karnataka
The Company has secured its first 62 MW of solar projects, as part of its renewable strategy. The projects are across four sites comprising three sites of 20 MW and one site of 2 MW. Sales from these projects will be to the Karnataka state distribution companies on a 25 year long term Power Purchase Agreement at a tariff of Rs5 per kWh. The sites are close to existing transmission infrastructure.
The solar plants are expected to be operational in 2017.