Adani Group signs MoU with Tamil Nadu for Rs 4,536 crore solar park
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The Adani Group on Saturday signed a MoU with the Tamil Nadu government to set up a Rs 4,536 crore solar park in the state.
The development comes on the back drop of the state’s decision to buy 2000 MW of solar power by the end of this calendar year.
The Gautam Adani-led group will set up a a 648-Mw solar power generation capacity in Ramanathapuram district. Construction is expected to commence in August and the unit is scheduled to be operational before February or March next year.
As per the MoU, Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) will purchase the project’s entire output at Rs 7.01 a unit for the next 25 years.
Adani has approached the Department of Industrial Policy and Promotion (DIPP) for clearance through three different companies including Ramnad Renewable Energy, Kamuthi Solar Power, and Ramnad Solar Power.
About 70% of the investment will be met through internal accruals, while the balance will be funded through debt and from institutional investors.
In 2012, the Tamil Nadu government had launched its solar energy policy which called for the development of 1,000 MW of utility-scale, rooftop and renewable energy certificate (REC) projects annually through 2015.
By end of July, Tamil Nadu is expected to buy 1000 MW solar power, including Adani's 700 MW which will be produced in Tamil Nadu.
Recently, Natham R Viswanathan, minister of electricity, non-conventional energy development, prohibition and excise, said that the state has set a target to buy around 1,000 MW every year.
"This was delayed due to some court issues, which are cleared now and we will go ahead with our plan," said the Minister.
He said by July end the state will buy 1000 MW and end of this year the State would sign up for 2000 MW of power.
To attract more investments in solar generation, the Tamil Nadu government had sought the renewable energy ministry a hike in capital subsidy for off-grid and grid solar PV system from 100 Kw to 500 Kw.
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