Adani Power to invest Rs 500 cr in solar project

In a bid to diversify, Adani Power Ltd will invest nearly Rs 500 crore on a 40-MW solar thermal power project in Banaskantha district of North Gujarat in the next two years.

The company signed a memorandum of understanding with Gujarat Urja Vikas Nigam Ltd (GUVNL) last week.The project is expected to be commissioned in two years. Adani Power, until now was engaged in developing 20,000-MW of coal-based thermal power in various phases.

EQUIPMENT

It is currently finalising the acquisition of photovoltaic equipment for the Banaskantha project. While the Gujarat Government had under its Solar Energy Policy - 2009 decided to create 500 MW of power through solar energy, it has allotted 716 MW of solar capacity to 34 national and international project developers this year. This includes 365 MW of solar photovoltaic and 351 MW of solar thermal technology projects developed by 24 and 10 developers respectively.