M&B Switchgears Ltd plans to set up a 20 MW solar photovoltaic power plant near Indore in Madhya Pradesh,says a Hindu Business Line report.
“We will invest about Rs 2.5 billion in the project with a 70:30 debt-equity ratio. We have chosen the project site which is adjacent to the existing project and expect to achieve financial closure within two months,” Vikalp Mundra, director, M&B Switchgears, said.
“The project to be based on renewable energy certificate (REC) mechanism will be implemented before March 2013. We have set up a 2 MW grid connected solar power project at Rajgarh district in MP. This project is expected to generate close to 32 lakh units of electricity per annum. By trading these through the RECs we expect to generate revenue of about Rs 40 million,” he added.