Indian Gujarat Urja Vikas Nigam invests USD 1.78bn to set up solar park - report
(ADPnews) - Dec 7, 2010 - Indian state-owned utility Gujarat Urja Vikas Nigam Ltd (GUVNL) is investing INR 80 billion (USD 1.78bn/EUR 1.34bn) to build a solar park in Indian state Gujarat, Indian Economic Times reported on Monday.
The Gujarat Solar Park will cover some 3,000-acre (1,214 hec) area in northern Gujarat. GUVNL has already acquired 2,500 acre of land.
According to the daily, GUVNL is in talks for long term power purchase agreements with 80 solar power project developers, which will install some 1,000 MW of generation capacity. Most of them will build their plants with capacities between 1 MW and 45 MW at Gujarat Solar Park. Some 500 MW of solar capacity will be installed at the park in the first phase.
The project is seen to attract investments of INR 150 billion in the next two years. It is part of India's Solar Power Policy 2009 aimed at accelerating generation of renewable power.
Developers have already commenced works on the site, the daily added.