Veer Energy & Infrastructure Ltd from Mumbai, a name known for its wind power development, has decided to further invest Rs 5 billion to augment capacity on its existing wind projects and also to diversify into solar energy.
To fulfill its solar dreams, the Mumbai-based company has acquired more than 200 acres of land in Kutch, Gujarat. The company has collaborated with ASTOM AG Swiss, which is an expert company in solar energy technologies, to set up a 25-MW grid-based solar energy project in the state.
Jigar Shah, chief financial officer, Veer Energy said, “The company is also planning a rooftop-based pilot project, for which it has acquired approximately 6,000 sq ft area with marvel height of 35 ft in Sanand, Gujarat.”
The firm is looking to install about 400 solar panels of 58.5 watts each for which, the company has joined hands with US-based New Millennium Solar Equipment Corporation (NMSEC). The company has already imported thin film panels for its pilot project from NMSEC. “With the successful completion of our pilot project, the company would then focus on big league by developing mega projects,” Shah adds.
Even though, India is perceived as a developing country, the pace at which development is happening, does not match with others, mainly because of its energy supply and availability constraints. The current installed capacity is pegged at 160,000 MW and about 90,000 MW of new generation capacity is required in the next seven years, which highlights the importance of engaging in multiple energy sources.