RattanIndia Apna Solar (RiAS) has successfully bid for a contract to build a 5-megawatt, grid-connected rooftop solar power project in Madhya Pradesh.
A subsidiary of RattanIndia Group, RiAS is owned by Rajiv Rattan the co-founder of Indiabulls Group. The company has signed both power purchase agreement and project implementation agreement with the power distribution company Madhya Pradesh Madhya Kshetra Vidyut Vitran Ltd in Bhopal.
According to an Economic Times report, the project will include rooftop installations on about 75 public buildings in Bhopal, Indore and Jabalpur in Madhya Pradesh.
RattanIndia Group has been implementing solar power projects since 2011. The company has interests in financial services, real estate and power generation.
Last July the company split its power and infrastructure businesses from Indiabulls and rebranded it as RattanIndia under the chairmanship of Rattan.
The group has installed capacity of 1,600 mw which will be ramped up to 2,800 mw by the end of the current fiscal, the report adds.
The government of India has laid special emphasis on rooftop solar projects in achieving its target of 175 gigawatts of renewable energy projects by 2022. Recently the government also announced the creation of a green corridor, a power grid that caters exclusively to electricity generated from renewable energy sources. To be laid across seven states the grid is expected to improve utilization of green energy in the country.
Ajith Kumar S