French solar major Solairedirect to invest Rs 4,000cr in 5 yrs

Solar power producer Solairedirect Energy India plans to invest around Rs 4,000 crore to fund its target of becoming a 400-mw company in the next five years, a top company official has said.

The company, a subsidiary of the French solar major Solairedirect, which entered the country last year, provides end-to-end solar energy solutions for turnkey projects, including project development and engineering, construction and installation, financing, operation and maintenance. "With the government providing strong support for renewables and a positive investment outlook, we see a huge growth potential here. In the next five years, we plan to become a 400-mw company," its managing director Gaurav Sood said.

Solairedirect, which has already won a 5-mw project in Rajasthan under the Jawaharlal Nehru National Solar Mission (JNNSM), is planning to make an investment of nearlyRs 4,000 crore over the next five years to fund its plans. The company has won the Rajasthan order for a rate as low as Rs 7.49 a unit. On sourcing of funds, he said it would be a combination of debt, which will be 70 per cent and 30 per cent equity.

"We are the largest independent power producer (IPP) in France. But here, we not only want to become a leading IPP player, but also provide EPC services to companies, which want to set up solar plants," he said.

Solairedirect also plans to pick up minority stake in companies where it will be providing its EPC services, he said. "Instead of providing pure EPC services, we will be picking up less than 20 per cent stake in an interested company as well as share their risks," Sood said.

He said the company will continue to participate in the state as well as Central solar power programmes in the country. Solairedirect is in talks with various firms for providing its EPC services, he further added.