Greentech Lead India: Shree Ganesh Jewellery has won a
contract to develop a 25 MW solar power project in Odisha, India.
Kolkata-based Alex Green Energy, in which Shree Ganesh
holds a majority stake, will execute the project.
By quoting a rate of Rs 7 a unit, the lowest bidder, Alex
Green has won the right to develop a 5-MW project in a solar auction in Odisha.
Under the rules of the Odisha tender, the least bidder will be offered all the
25 MW at the winning price. Alex would be commissioning the entire 25 MW
The total investment for commissioning the solar plant in
Odisha would be close to Rs 175 crore and would be completely funded by Alex.
Alex Green is co-promoted by the Sureka Group.
The plant is constructing as part of the Jawaharlal Nehru
National Solar Mission project. The Jawaharlal Nehru National Solar Mission
project targets 1,100 MW grid power including roof-top by 2013. The scheme has
announced generation-based incentives of Rs 12 for PV solar and Rs 10 for solar
With a view to diversifying into solar power business,
Shree Ganesh had recently acquired a controlling stake in the two companies –
Alex Astral Power and Alex Spectrum Radiation, co-promoted by Sureka Group.
According to a report in Hindu Business Line, Shree
Ganesh invested close to Rs 100 crore for acquiring 55 per cent stake in both
these companies. The company had recently commissioned a 25-MW solar plant in
Gujarat and a 5-MW solar plant in Rajasthan.
“We have been planning to foray into new business
segments for sometime now and infrastructure was one of the sectors we had
identified for expansion. Solar power is one of the safest businesses in the
infrastructure space at present so we decided to venture into this,” said
Nilesh Parekh, chairman, Shree Ganesh Jewellery.
Shree Ganesh also plans to set up solar power projects in
Uttar Pradesh and Bihar by entering into power purchase agreement with the
respective State governments.