Seeing the remarkable growth in the energy sector in India, the energy firm of Italy working in the field of renewable energy – Amaranto Group has launched and come up with a wing. This vehicle will be dedicated and focused to carry out the acquisitions of the photovoltaic projects in our country.
Amaranto group is also going to possess some exclusive rights for the purchase of a solar project in the western region of the country that has a solar energy generation capacity of 110 Megawatts. This solar energy project harness has been estimated and evaluated at a cost of about 80 million dollars.
Amaranto Group created a new arm to facilitate the working of this project and named it Amaranto Solar Power India. This arm aims and wishes to raise a funding of 100 million dollars in the first six months of the year 2017 and about 200 million dollars by the time the year 2017 ends. By the year 2018, the company is targeting to carry out an acquisition for 500 Megawatts.
The project with 110 Megawatts capacity had been tendered by the SECI (Solar Energy Corporation of India). Amaranto will be playing the role of a general contractor with the assistance of Energia Prima, which is an EPC company. This EPC company will be acting as a co-investor as well as the industrial operator for the project and will be providing all the services of the O&M and implement the activities of asset management.
This Indian wing of Amaranto Group will receive sponsorship and funding assistance from GAM (Global Asset Management) and is going to be headed by the Chief Executive and Managing Partner of the firm, Rodolfo Bigolin.
Bigolin informed the Photo Voltaic Tech that the company plans to work on another project with the solar generation capacity of 200 Megawatts, indulging in tender participation and will be carrying out the PPAs (power purchase agreements) privately and acquiring the developments of third parties.
The Chief Executive Officer of Amaranto Group, Antonello Amoroso said that this project will be a big step towards the expansion of their business globally and many other companies are going to follow their footprints. He also added that both perseverance as well as boldness rewards the best projects in a market that always faces challenges.
Amaranto Group has been working actively in our country from the year 2016 with the help of the joint venture with CPEC Energy.