The proposed investment is in line with the Indian Government’s target of generating 100GW of solar power by 2022.
Hindustan Powerprojects chairman Ratul Puri told the Economic Times: "That’s what broadly we would invest in the solar space in addition to what we have already done."
The country has the ability to generate more than 100GW of solar power during 2017-2022. Puri opined.
Therefore, the conventional energy developers in India are likely to invest more in solar power generation.
Hindustan Powerprojects also plans generate 10-15GW of wind energy.
The firm’s Investments in renewable energy are in addition to INR50bn ($783m) being planned to be spent on conventional power production over the next two years, ET reported.
Currently, the firm has 500MW of solar capacity, and is responsible for setting up thermal power plants in the Indian states of Madhya Pradesh and Chhattisgarh with a combined capacity of about 5,000MW.
The firm has also made significant progress with hydro power projects.
Image: Hindustan Power currently has 500MW of solar capacity. Photo: courtesy of Hindustan Powerprojects Private Limited.
