Shree Ganesh Jewelery acquires 2 solar PV firms

By Editor


Shree Ganesh Jewelery acquires 2 solar PV firms

By Greentech Lead Team: Shree Ganesh Jewelery House
(SGJHL), Kolkatta, India has acquired 55 percent stake in two solar PV
(photovoltaic) companies – Alex Astral Power and Alex Spectrum Radiation.

The company did not share financial details of the
acquisition. The jewelery group is keen to expand its presence in solar power
generation business.

These two PV solar companies are co-promoted by
Kolkata-based Sureka Group.

Alex Astral Power has already commissioned a 25 megawatt
solar power plant in Gujarat and Alex Spectrum is likely to commission a 5
megawatt solar project in Rajasthan shortly.

Shree Ganesh Jewelery Group acquired 55 percent equity
shares in two solar power firms to make them wholly owned subsidiary of the

Alex Astral has already signed a power purchase agreement
with the Gujarat government under which the state government would be
purchasing power from it at the rate of Rs 15 per unit or kilowatt hour for the
first 12 years.

The Rajasthan project will be put under the Jawaharlal
Nehru National Solar Mission program initiated by the central government to
grant power generation based incentives of Rs 12 for PV solar and Rs 10 for
solar thermal projects.

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