Clean energy company SunBorne Energy Executive Director and Chief Operating Officer (PV Business Head) Gagan Vermani has said that the company has bid for setting up solar plants of 20 mw in Andhra Pradesh and will invest about Rs 180-200 crore, with equity accounting 30 per cent of it. The company is backed by General Catalyst Partners, Khosla Ventures and Wadhawan Holdings.
The power produced by these multiple plants will be sold to Andhra Pradesh power utilities. A power purchase agreement to this is yet to be signed and it would look to achieve financial closure in six months of signing it and erect the plant in one year, he said. Though the total installation will be 20 mw they would come in multiple locations and this would require about 100 acre, which it would have to acquire, he said. The company would own these assets.
In Andhra Pradesh, with power crises deepening, any addition to the capacity would help to an extent. One mw solar power would mean a generation of 1.7 million units per year, he said adding that it would look to tap the EPC opportunity in the solar power segment. It is hopeful of doing EPC contracts to the tune of 80 mw in a year or so. A bulk of this could be from other successful bidders in the state.
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