ONGC to install 1-GW solar park in Karnataka - report
Aug 5, 2013 - India's Oil & Natural Gas Corp (BOM:500312), or ONGC, plans to build a 1-GW solar complex in Karnataka, making its entry into the solar segment, the Hindu Business Line said on Friday.
The company is expected to spend INR 50 billion (USD 818m/EUR 616m) on the project, Tarun Kapoor, joint secretary at the Union Ministry of New and Renewable Energy (MNRE), told the daily. According to Kapoor, ONGC is holding negotiations with the government of the southwestern state Karnataka for the issuance of Renewable Energy Certificates (RECs), power purchase tariffs and land for the project.
India has installed 2.5 GW of solar capacity up to the current moment. Under the two batches of the first the Jawaharlal Nehru National Solar Mission JNNSM phase, the country saw the addition of 420 MW of solar plants. The second phase of the solar mission will call for 10 GW of photovoltaic (PV) projects and is expected to be launched by 2017.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.