Sarus Solar, a consortium of Canadian companies, plans to set up a Rs6,500-crore, 500-megawatt solar photovoltaic project in Maharashtra.
The joint venture (JV) comprising EPC firm Guycan Solar, photovoltaic module manufacturer Canadian Solar and investment firm Mackie Research Capital will develop the plant at Shahpur in Thane, Maharashtra.
PTI reports that EPC of the project will be handled by Guycan, solar modules are to be provided by Canadian Solar and financing is to be handled by Mackie Research.
The JV has already leased 16 acres from Dhanashree Infratech for 25 years. At present the development is awaiting approval from the Maharashtra government.
The company has stated that it will complete the project within 30 months of commissioning. And it plans to supply the entire output from the project to distribution companies through long-term power purchase agreements.
Last year, Sarus had approached the Odisha government with the proposal to develop a project of equivalent magnitude in that state. But the plan was scrapped as necessary approvals were not received.
The company also has plans to develop solar parks of 500 megawatts each across the country. As part of the effort, Sarus has already received approval from the Jharkhand government to develop a project of 500 MWp in that state.
In India, Sarus has partnered with clean energy company Neelkanth Solar Energy for ease of business in the country, the company’s head of operations (India) Arun Agarwal told PTI.
The company, which will be initially import solar panels, is also considering the option of setting up a manufacturing unit in the country.
Ajith Kumar S