Lanco Solar to build 75 MW Solar PV project in Maharashtra

Lanco Solar, a fully owned subsidiary of Lanco Infratech Limited - the fastest growing business conglomerates in India with interests in power, construction & EPC, infrastructure and renewable, today announced “it, in consortium with Juwi Renewable India Ltd, has received LOA”Letter of Award from Maharashtra State Power Generation Co Ltd (Mahagenco) for building of a 75MW Crystalline technology based photovoltaic solar power project in Dhule district in the state of Maharashtra.

The project value is Rs 884.18 Crore. The project would be fully commissioned by mid February 2012.

Commenting on the need of solar power generation in India and Lanco group’s future plans for solar power, Mr. L Madhusudhan Rao, Chairman, Lanco Group, said,

“India’s solar power generation capacity will reach 68,000 megawatts (MW) by 2021-22, triple the government's target. To pursue the same, we at Lanco has given utmost importance to build on capacities on solar power generation which is also the need of the hour and aims to have 300 MW in generation next two years & in EPC aims to have 300-500 MW of solar thermal and solar PV plants over the next couple of years. What we are trying to create today is a small portion of the opportunity we have in the future and for the same Lanco Infratech has been developing a number of solar projects and has been at the forefront in its commitment to develop and promote renewable energy in India”.

“In a couple of years, we see solar power costs coming down to 7-8 percent per unit, between 2003 and 2010, solar power generation globally has grown from 3,000 MW per annum to 17,000 MW per annum . Our group company - Lanco Solar has also signed power purchase agreements for 141 MW of solar power with NTPC Vidyut Vyapar Nigam under the National Solar Mission and with Gujarat Urja Vikas Nigam under the state policy”, added Mr. Rao.

“It is a strategic win for us. Not only it puts us firmly as the top solar power developer in the country but also helps us considerably in securing our supply chain competitively” said Mr. V. Saibaba, CEO, Lanco Solar.

“This pioneering initiative by Mahagenco and Government of Maharashtra reinforces India’s position as a fast growing solar market globally along with the commendable initiatives of MNRE under the National Solar Mission. It would also considerably help in attracting new industries and talent into this space to reduce installation costs and help the country in its solar agenda” further added Mr. V. Saibaba.