French solar major Solairedirect to invest Rs 40 billion in 5 years

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Solar power producer Solairedirect Energy India plans to invest around Rs 40 billion to fund its target of becoming a 400MW company in the next five years, according to a PTI report.

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 400MW company,” its managing director Gaurav Sood said.

Solairedirect, which has already won a 5MW project in Rajasthan under the Jawaharlal Nehru National Solar Mission (JNNSM), is planning to make an investment of nearly Rs 40 billion 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.

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