Tuesday, November 19, 2013: Premier Solar has joined hands with Chicago-based renewable energy company, New Generation Power for establishing solar farms in Andhra Pradesh. The joint venture that has plans of investing $400 million (Rs 2,500 crore) over the next couple of years, has already obtained contracts for setting up 70-MW capacity and will commence bidding for another 245 MW under the Andhra Pradesh Solar Policy. This will be aimed at building 1,000 MW in renewable capacity.
As stated on thehindubusinessline.com, in the first phase, the joint venture will be installing 70-MW solar farms in 14 locations in the State. According to Karthik Polsani, Premier CEO, “Funds have been tied up and the execution should be completed over the next 12 months.” He also added that the company is in talks with US investors for getting a low-cost funding.
The joint venture has signed a power purchase agreement with the AP Government for 20 years. The two joint EPC contractors for the first phase will be Mumbai-based WAAREE Group and Premier Solar.
Polsani reported to Business Line that New Generation which is promoted by Chirinjeev Kathuria, will have a 74 per cent stake and Premier will have the balance in the joint venture. There will be some more partners as the project implementation advances.
New Generation is a diverse global developer, investor, owner and operator of energy infrastructure assets focusing on renewable energy. The company at the moment is developing grid scale projects in Africa, Europe, South America and the Caribbean.
