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Moser Baer Photo Voltaic (MBPV), a wholly owned subsidiary of Moser Baer India, has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan for setting up of a large solar power project in the state with an estimated generation capacity of one to five megawatt.
The project entails an investment of around US $25 million (Rs 100 crore) at US $4.5 million per megawatt and will be the largest grid-connected solar farm in India.
As the SAARC region faces imbalances in energy generation capacities, with an increasing need to explore alternate and efficient energy sources, it offers a significant potential to Solar Photo Voltaic as an efficient energy option in the region.
MBPV CEO Ravi Khanna said that the company aims to redefine the paradigms of solar power generation through its world class manufacturing and multi technology capabilities and demonstrate a commercially viable, grid-connected PV energy system in India through this project.
He added that the project is a pioneering initiative in that direction and believed the SAARC region provides huge opportunity for such large sized projects.
Moser Baer focuses on strategic tie ups with some of the leading global Solar PV Companies and clean energy funds for setting up large sized solar farms across the SAARC region.
MBPV plans to implement a capacity of 500 MW by financial year '10 through a mix of technologies in the crystalline silicon, concentrator and thin film domain.
The company further informed that its photovoltalc equipment manufacturing capacities for crystalline silicon, concentrator and thin film technologies are coming up in an SEZ in Greater Noida.
Rajasthan has set targets to become self sufficient in power by 2008. Besides setting up new power projects in the state sector, the government is also promoting private investment in power generation.
The MoU was signed on November 30, 2007 at the ‘Resurgent Rajasthan' summit at Jaipur between MBPV and Rajasthan Renewable Energy Corporation (RREC).
The state already has an installed capacity of 5,500 MW of power and will add 4,500 MW by 2011-12 through state sector projects of 1,500 MW, private sector projects of 1,500 MW and central sector projects of 1,500 MW.
The state government also added that over 520 MW of non-conventional power is already being generated by private units in the state.