Premier Solar has tied up with Chicago-based renewable energy company New Generation Power to set up solar farms in Andhra Pradesh.
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.
In the first phase, the consortium will install 70-MW solar farms in 14 locations in the State. "Funds have been tied up and the execution should be completed over the next 12 months," said Karthik Polsani, Premier CEO. The Hyderabad-based company is negotiating with US investors to get low-cost funding, he added.
The consortium has signed a power purchase agreement with the AP Government for 20 years. Mumbai-based WAAREE Group and Premier Solar will be the joint EPC contractors for the first phase.
New Generation , promoted by India-born Chirinjeev Kathuria, will hold a 74 per cent stake, while Premier will have the balance in the joint venture. There will a few more partners as the project implementation progresses, Polsani told Business Line.
New Generation is a diversified global developer, investor, owner and operator of energy infrastructure assets with focus on renewable energy. It is currently developing grid scale projects in Africa, Europe, South America and the Caribbean.
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