Essel Group & Government of Rajasthan's JV to invest Rs 4000 crores in SPV

In yet another big step towards realizing the PM’s “Make in India” dream, Essel Group has entered into a Joint Venture Agreement with the Government of Rajasthan to set up solar parks in the State. The project will facilitate an investment of Rs. 4000 crore in the regions of Bikaner and Jaisalmer in Rajasthan.

Essel Group and the Govt. of Rajasthan will hold a 50:50 stake in the Joint Venture Company, Essel Saurya Urja Company of Rajasthan Limited (ESUCRL) which will develop solar parks that would produce 5000 MV of clean energy. 

According to the JV Agreement, the land for the project will be provided by the Government of Rajasthan for solar park development, while Essel Group will implement the entire project which includes financing, technical support, operation and maintenance.

Ashok Agarwal, CEO & Whole Time Director, Essel Infra and Utilities, said, “Solar Park Project in Rajasthan will be India’s turnkey project in  the renewable energy space which will aid the clean energy initiatives of the Government of Rajasthan. Taking the lead, Essel Group intends to facilitate India’s green energy requirement by delivering sustainable energy and creating value to empower people, communities and businesses. For Essel Group, this is a step forward towards developing Eco-friendly energy sources, underlining its commitment towards the Central Government’s plan of setting up 100000 MW of solar power capacity by 2022.”

Recently,Essel Group had signed a MoU with a Chinese firm, JA Solar, for setting up a solar cell and module manufacturing company in India. Essel Group is also amongst the front runner in developingone of India’s largest Solar Plants in the state of Tamil Naduandthe JVwith Rajasthan willfurther boost Essel’s on-going projects for renewable energy.

EsselGroup Chairman, Dr. Subhash Chandra was also a part of the PM’s delegation to Germany, wherein he participated in one of the world’s largest trade fair, Hannover Messe 2015, and showcased the Smart City Model/ Governance framework.Itforged alliances withfive leading German firms to develop green energy projects and smart cities in India.

Essel Group has takenlarge strides in realizing the Indian Prime Minister Narendra Modi’s dream of setting up 100 smart cities in India. It plans to invest over $2billion over the next 3 years in transforming major cities acrossIndia.With a vision to enhance the quality of life, the Group associates with multiple partners to develop the smart city environment by decoding the governance policy framework.  It is the only integrated smart city developer in India with proven expertise in creating the single window utility corridor.

Solar manufacturing | News published on 05/06/2015 by Rashmi Nargundkar

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