Five Indian cos to take equal stakes in 4-GW solar project - report

Sep 20, 2013 - All five firms in the tie-up for the much awaited 4-GW solar complex in India’s state of Rajasthan will hold equal stakes in the INR-300-billion (USD 4.8bn/EUR 3.6bn) project, The Times of India said today, citing sources.

Government officials are still not revealing any details to the public, but the daily says an announcement could be made this month.

As previously revealed the project partners are Indian state-run firms Hindustan Salts Ltd, the anchor of the consortium, and central public sector enterprises (CPSEs) Bharat Heavy Electricals Ltd (BOM:500103), or BHEL, Power Grid Corp of India Ltd (BOM:532898), Satluj Jal Vidyut Nigam and Solar Energy Corp of India.

An unnamed informant from the Rajasthan Renewable Energy Corp has confirmed to the Times of India that the details of the project are being finalised and it would soon be celebrated officially. According to the source, the fact that all consortium members are cash-rich companies would be a huge plus for the ambitious solar plan.

According to the information available till now the solar complex is expected to be built near Sambhar lake as Hindustan Salts owns a plot of some 57,000 acres (23,000 hectares) there. The first phase of the project would have a capacity of 1 GW and will require some INR 75 billion in capital.

(INR 100 = USD 1.609/EUR 1.189)

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