India’s JBM to invest USD 250m in solar capacity - report

Rooftop solar system in India. Author: Coshipi. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

May 27 (SeeNews) - India-based firm JBM Group plans to invest INR 16 billion (USD 250m/EUR 229m) in 300 MW of photovoltaic (PV) capacity for its solar sector debut, The Times of India said Tuesday, citing a company official.

The planned capacity will be installed in the next three years, executive director Nishant Arya was quoted as saying. For the purpose, the manufacturing group will set up a unit, JBM Solar, to develop and construct both ground-mounted solar plants and rooftop PV arrays as an independent power producer (IPP). 

JBM’s solar diversification will be funded through 25% in equity and 75% of debt, according to the report.

The solar business is expected to account for some 15% of JBM’s total revenue in the future. At a later stage, the company may enter the wind and biomass renewable energy industries, as well.

(INR 10 = USD 0.156/EUR 0.143)

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