With an investment of Rs 800 crore, the Mumbai-based Waaree Energy is all set to increase its solar power portfolio in India. According to company sources, Waaree is in the process of setting up a solar power project in and around Indore in Madhya Pradesh (MP) with a cumulative capacity of 100 MW.
The company is likely to sign a memorandum of understanding (MoU) in this regard with MP Trade & Investment Facilitation Corporation Limited (TRIFAC) during the forthcoming Global Investors’ Summit (GIS).
The Association of Industries in MP is acting as a facilitator for the proposed solar power project, which would be selling the electricity generated at the site to power to MPEB, which will later on be transmitted to the industries in the city. “Currently we are purchasing power from the MPEB for Rs 7 per unit. However, we are likely to buy power to the tune of 40 MW from the company at a subsidised rate of Rs 6 per unit only,” Vijay Agrawal, secretary of the Association, was quoted as saying in TOI.
This solar project will not only produce electricity from clean sources of energy, but it will also help the industries located in the area to bring down the cost of power tariff to the tune of Rs 2-3 lakh each on a monthly basis.