October 22 (SeeNews) - Indian real estate developer Embassy Group plans to diversify its business operations by developing some 1,000 MW of wind and solar parks across the country within the next five years, The Economic Times said Thursday.
To that end, the company will establish a new unit, called Embassy Energy. The latter will handle all projects of the kind as an independent power producer (IPP).
Embassy Group will soon make its debut in the domestic renewable energy segment with a 200-MW photovoltaic (PV) plant in Karnataka state, possibly followed by another in Pune, Maharashtra. It will invest about INR 14 billion (USD 215m/EUR 190m) in the pilot project.
At present, Embassy Group is working on obtaining all relevant governmental permits and approvals for the PV plant, the news agency said, quoting CEO Anshul Singhal. The capacity will be installed in two phases by 2017.
(INR 10 = USD 0.154/EUR 0.136)