South Korea-based OCI Global has said that it is planning to set up 1 GW of photovoltaic solar power plants in China and India by the year 2018. The South Korean company has recently said in Shanghai that both India and China has big plans for solar and OCI is looking at this as a very big opportunity. The company’s chief investment officer, Pranab Kumar Sharma said that the company will put in $400 million of equity financing for the project amounting to about 30 percent of total project investment with the rest coming from elsewhere.
Both India and China will have 500 MW of solar energy projects coming up. The Seoul-based manufacturer, which previously embarked on a push to develop solar power in the United States, expects to complete about 650 megawatts of projects globally this year.
The company has already set up an office in India and it hopes that from next month it will start off with a 36 MW solar project.
Under the National Solar Mission India plans to reach 100 GW of solar installations by 2022 and this has excited many global players to come to the country and start their projects.
By Atanu Kumar Das
