The Pune Municipal Corporation (PMC) has picked the site for setting up a solar plant on government land in Marathwada region. It has already formed a special purpose vehicle (SPV) to purchase the generated solar power.
PMC standing committee had last year okayed the plan to build the plant. Along with the Centre’s Energy Efficiency Service Limited (EESL), the civic body plans to generate solar power and utilise it.
As per the proposal, it is decided that SPV would invest 20 per cent and 80 per cent would be raised through loan for setting up the solar plant. In the 20 per cent share, PMC would bear 26 per cent and SPV would invest 74 per cent share. The estimated cost of the solar project is ₹250 crore. PMC would invest ₹12.48 crore. It is also mandatory for PMC to purchase at least 51 per cent of energy generated by the plant.