Firms bet on solar power

With India’s total installed solar power capacity about to touch 1,000 mega-watts (MW), corporate houses including Tata, Mahindra and Reliance Anil Dhirubhai Ambani Group are betting big on solar power. All of them plan to add 100 MW of capacity each in the next three years.

With India’s total installed solar power capacity about to touch 1,000 mega-watts (MW), corporate houses including Tata, Mahindra and Reliance Anil Dhirubhai Ambani Group are betting big on solar power. All of them plan to add 100 MW of capacity each in the next three years.Government incentives coupled with corporate goodwill associated with green energy initiatives are being cited as main reasons for such interests in solar power.

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A Tata Power spokesperson said that "the company was looking to develop solar projects in India and in other geographies of interest." The Tata Group is building India’s first floating solar plant in partnership with Australian company Sunergy.

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Besides large-grid connected plants, the Mahindra group plans to play a larger role in off-grid systems in remote areas as well, said Vishwesh Palekar, business head, Cleantech Ventures, Mahindra Partners. “We have project engineering and financing capabilities and we have strong rural presence. We are very bullish on solar.”

“We are finally starting to see some meaningful numbers in Indian solar installations,” said Raj Prabhu, managing partner, Mercom Capital Group, a renewable energy consulting firm.