Bhagyanagar, Surana ventures delay solar projects in AP

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MNRE Proposes Norms For Solar Project FundingThursday, February 20 2014: While India is doing its best to source clean energy, two projects are likely to be delayed due to either governmental delays or infrastructural restraints. Bhagyanagar India and Surana Ventures, are reportedly reconsidering its plan to set up two units of 5 MW each at Medak and Vikarabad regions in the state of Andhra Pradesh.

Bhagyanagar India and Surana Ventures are part of the Surana group companies. The companies had announced two 5 MW solar power plants in Andhra Pradesh, India. Now, both the companies have decided to delay the projects due to serious concerns over their financial viability.

Bhagyanagar and Surana have already commissioned two 5 MW solar photovoltaic units each in Andhra Pradesh and Gujarat. The first solar unit in Munipally, in Medak district of Andhra Pradesh, was commissioned nearly six months after it was operational. The delay was due to late expectations in securing linkages and permissions.

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Narendra Surana, the managing director of the Bhagyangar and Surana Ventures confirmed the delay, saying that the management is considering to defer the implementation of the other two solar projects (at Medak and Vikarabad) of 5MW each, in a Hindu Business Line report. The companies will defer the implementation of the new projects till the government will ensure to extend its support.

Surana further adds that the erratic mode of evacuation of power at the Munipally unit is causing hardship to the company, in the same report.

The solar energy based electricity power is generated at the plant by 6.30 or 7 am and it is not evacuated, as there is no power supply to the surrounding rural area during that time. This has caused strong financial strain for the company, making the project non-viable in current conditions.

The company has invested nearly Rs 300 million in the entire project. The plant at Medak was supposed to be commissioned by March and Vikarabad plant was due in June, last year.

The company is, however, looking hopeful for setting up another plant of 5 MW in Gujarat, where the group already has an operational 5 MW solar power farm.

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