In 2017, India made huge promises to expand their renewable energy capacity to 20 Gigawatts by 2018. Since then, the Government of India has been working day and night signing new deals, bringing in huge chunks of investment and reducing tariffs of renewable energy in a series of deals and new projects.
In the early days of the year, it seemed that India won’t be able to make it to their hefty goals, but the government is working really hard and every day we hear about new solar and wind energy projects that could bring the country’s energy capacity closer to the goal set by India.
SECI (Solar Energy Corporation of India) recently gave exclusive rights of their 100 Megawatt solar power project to Amaranto Solar Power India. The company acquired this project for a cost of approximately $80 Million.
Amaranto Solar Power India is the Indian subsidiary of Amaranto Global Asset Management. SECI, on the other hand, is a CPSU (Combined Primary Storage Unit), which is working under the complete administrative control of MNRE (Ministry of New and Renewable Energy).
Other than being the co-investor in the 110 Megawatt solar power project, the company Amaranto is planning to be a contractor of Construction, Procurement and Engineering. The company is also planning to be the industrial operator for this solar energy power plant.
Another company Enel has announced plans to invest a sum of $55 Million in this energy drive by India. They are investing in the development and construction of the 42 Megawatt Sol Real Solar Power Complex of Panama.
The $55 Million investment is going to be made through the company’s subsidiary EGPPA (Enel Green Power Panama).
The solar power complex would have five photovoltaic plants. These plants would have a total of 310,860 Photovoltaic modules and about 70 Gigawatt Hour of electricity would be generated in a year. This would power about 33,000 homes.
Chenab Valley Power Projects is planning to participate in the development and construction of the hydro power plant of Kwar in Jammu & Kashmir’s Kishtwar district by investing a total of Rs49.5 Billion, which is 762 Million US Dollars.
The power plant of 540 Megawatt will have per Megawatt investment of $1.42 Million and the construction is expected to complete with the next 54 months.
Other countries like China are also following India. Jilin Power Share also announced an investment plan. They are going to invest in the development and construction of two solar power plants of 50 Megawatts capacity – Linyi and Yan’an.
The company is going to invest $62.25 Million or CNY 429.62 Million on the Yan’an plant and $52.62 Million or CNY356.29 Million on the Linyi project. Jilin Power will invest CNY429.62m ($62.25m) on the Yan’an plant and CNY356.29m ($51.62m) on the Linyi project.