NHPC to build 50-MW solar park in India’s Uttar Pradesh
Oct 22, 2014 - India's National Hydroelectric Power Corp (BOM:533098), or NHPC, said today it has signed a final deal for its first solar project in India’s state of Uttar Pradesh, which will have a capacity of 50 MW.
The agreement for the establishment of a joint venture (JV) for the solar scheme was signed Friday with the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA).
The two companies estimate that the 50-MW solar photovoltaic (PV) park will require a total investment of some INR 4 billion (USD 65m/EUR 51m). The state-owned utility expects the plant to commence operations by mid-2016.
In July, UPNEDA issued a request for proposals (RfP) for the construction of 300 MW of solar parks in the northern Indian state. Uttar Pradesh, which has a demand-supply power gap of about 20%, aims to install 500 MW of solar capacity by 2017 as part of its 2013 solar policy.