Utility-scale Solar PV Plant
IN BRIEFIndia's Mahindra Group plans to expand its renewable energy (RE) business and invest US732.5 million over the next three to four years, its chairman and managing director, Anand Mahindra, told Reuters on 25 January. The investment will mainly be financed by taking US540 million through debt, with the rest funded by cash.
The group also plans to commission 500 MWe of solar power projects by the end of March 2016 from 180 MWe it expects to complete by the end of March this year, Mahindra added. The renewable energy business is going to boom this year and is a very attractive investment right now, Mahindra said on 25 January.
The Mahindra Group's renewable power unit, which builds solar energy projects and offers off-grid power solutions, was formed in 2011 and is currently one of the smaller businesses of the US17 billion autos-to-technology international conglomerate headquartered in Mumbai, Maharashtra.
Prime Minister Narendra Modi has pushed up India's target for solar energy from 20,000 MWe to 100,000 MWe by 2022 to help meet rising power demand and overcome the perpetual power shortage. India needs US100 billion coming from abroad to meet its ambitious target. US President Barack Obama pledged on 25 January to support India's clean energy programme through additional funding.
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Source: green-energy-digest.blogspot.com
