ESSAR to Set Up 90 MW PV Solar Plant in MP

The proposed solar photovoltaic project is to be implemented in two parts: 33.7 MW and 56.17 MW. It is to be set up on 105 hectares of land in Bhander, in the Datia district of the central Indian state of MP. It is expected that the project will be completed by June 2022.

February 25, 2021. By News Bureau

Tags:

The board of Essar Power Ltd, an investee company of Essar Global Fund (EGFL) has approved to set up a 90 MW PV solar power plant in Datia district, Madhya Pradesh by investing Rs 300 crore; marking the fund’s foray into renewable energy.

The proposed solar photovoltaic project is to be implemented in two parts: 33.7 MW and 56.17 MW. It is to be set up on 105 hectares of land in Bhander, in the Datia district of the central Indian state of MP. It is expected that the project will be completed by June 2022.

Stepping in of the EGFL into renewable energy is part of its strategic decision to rebalance its power portfolio from coal-fired to green energy after investing in hydrogen power in the UK and coal gas in India.

Commenting on the development, Kush Singh, CEO, Essar Power Ltd. said, “The strategic plan to rebalance our energy portfolio is in line with our move to an asset-light structure. In a series of calibrated steps, this shift will allow the company to bring down its debt from the current level of Rs 10,000 crore to Rs 3,000 crore through restructuring and monetization of existing assets and further investments in this green portfolio.”

“We have taken this step in line with the major thrust given by the government of India in promoting and achieving the ambitious target of an installed capacity of 450 gigawatts of renewable energy by 2030,” he further added.

At the 132 kV level, electricity generated from this plant will be evacuated and it is proposed to be connected to the Bhander 132/33 kV MPPTCL substation, which is located at approximately 5 km and will be delivered within Madhya Pradesh to industrial consumers.

Essar’s foray into renewable energy will also be a precursor to an exit from coal thereby reaffirming EGFL’s commitment to be ESG compliant and mark all its investments a gold standard in sustainability compliance, the company said in its statement.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
Privacy Policy (PDF) / Terms and conditions (PDF)
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.