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)