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Energética India | September / October 2015

ENERGETICA INDIA Aditya Birla Group and The Abraaj Group join hands to invest in Solar Power The Aditya Birla Group and The Abraaj Group has announced a partnership to build a gigawatt scale renewable energy platform focused on developing solar power plants in India. Energetica India catches up with Mr. Ravi Khanna, Chief Executive Officer (Solar Power Business), Aditya Birla Management Corporation Pvt. Ltd to learn more. The Aditya Birla Group and The Abraaj Group has announced a partnership to build a gigawatt scale renewable energy platform focused on developing solar power plants in India. Abraaj will invest in the platform through one of its Funds and the Aditya Birla Group will invest through Aditya Birla Nuvo Limited. The partnership comes at an opportune time in the growth of the Indian renewable energy sector. The demand for power in India is growing as a result of the country’s expanding population, increasing urbanization and related economic activities. At the same time, the Indian government has created favorable regulatory policies to increase the use of renewable energy, including setting an explicit target to achieve 100 GW of solar power capacity by 2022, compared to the current installed capacity of 4GW. Together, these factors create a compelling investment opportunity for the private sector, which can help meet this significant demand for renewable energy. The new solar power platform will bid for projects tendered at national and state auctions, with the intent to develop and operate utility-scale solar power plants that can provide clean and cost-effective electricity to the national grid across several key states. Commenting on the partnership, Sev Vettivetpillai, Partner and Global Head of Abraaj’s Thematic Funds Business, said, “The gap in energy infrastructure in growth markets translates into a longterm and sustainable investment opportunity. Renewable energy is set for explosive growth thanks to technological advances, favorable policies and pricing structures that make it a competitive alternative to conventional power generation. At Abraaj, we see significant opportunity in India, one of the world’s biggest energy consumption markets. We look forward to working closely with the Adi- Energetica India talks to Mr. Ravi Khanna, Chief Executive Officer (Solar Power Business), Aditya Birla Management Corporation Pvt. Ltd about the partnership and its solar plans in India ENERGETICA INDIA: What kind of partnership /role do you see Abraaj Group playing in the Aditya Birla Group’s solar plans? MR. RAVI KHANNA: Abraaj Group is a diversified global fund having investments in 30 countries across 10 sectors. Aditya Birla Renewables, part of Aditya Birla Group, is also a multinational conglomerate having presence in solar. Both the partners share the common vision on promise of renewable, in general, and solar energy in particular, in shaping the future energy space. Both Abraaj Group and Aditya Birla Renewables would like to grow the solar portfolio with a view to create value. ENERGETICA INDIA: What growth plans will the partnership have for solar in India? MR. RAVI KHANNA: Government of India has an ambitious target of achieving 100 GW solar capacity by 2022. This is essential for reducing dependence of energy sector on fossil fuels, energy security and reducing the carbon footprint. Macroscopic parameters are in favour of India and India is likely to emerge a stronger nation in coming decade. As a nation of more than billion people it behooves us to play a leadership role in adoption of cleaner energy and sustainable practices. For implementation of such policies and initiatives financing of projects is critical. Private sector of India, like that of Aditya Birla Renewables, is going to be pivotal in achieving this target. ENERGETICA INDIA: What are your thoughts on solar reaching grid parity in India? MR. RAVI KHANNA: Grid parity has been the holy grail of not only solar but renewables in general. In order to say that solar has achieved grid parity, one has to strip off all SOLAR POWER 30 energética INDIA · SEP | OCT15


Energética India | September / October 2015
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