To set up solar farms in Andhra Pradesh, Premier Solar has tied up with Chicago-based renewable energy company New Generation Power. The consortium, which plans to invest $ 400 million (Rs 2,500 crore) in the next couple of years, has already secured contracts to set up 70-mw capacity and will bid for another 245 mw under the Andhra Pradesh Solar Policy, which aims to build 1,000 mw in renewable capacity.
The consortium will install 70 mw solar farms in 14 locations in the State in the first phase. Funds have been tied up and the execution should be completed over the next 12 months, said Premier. The Hyderabad-based company is negotiating with US investors to get low-cost funding.
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