Shree Ganesh Jewellery House targets 500 MW solar capacity in next three years

By Editor


Shree Ganesh Jewellery House targets 500 MW solar capacity in next three years

Greentech Lead Asia: Shree Ganesh Jewellery House
(SGJHL), which recently started solar power business, is planning to increase
its generation to about 500 MW in the next three years.

The total investment for expanding the presence in the
solar power sector is about Rs 50 billion.

The Kolkata-based company has recently picked up majority
stake in Kolkata-based Alex Group of Companies, promoted by the Sureka Group.

SGJHL has set up a 25 MW solar power project for Rs 4
billion in Gujarat, executed through Alex Group. The project started its
commercial production from April 4.

The company has selected Rajasthan, Uttar Pradesh,
Jharkand, Orissa, and Bihar for setting up solar power plants.

The company has also signed an agreement for setting up
an additional 25 MW in Gujarat solar park, and has applied for further 50 MW
that is under consideration of the Gujarat state government.

The company is planning to set up a 1000-acre solar park
and is in discussion with the state governments of Orissa, UP and Bihar.

“We are in talks with three different state
governments – Odisha, Uttar Pradesh and Bihar. We will provide them with the
technological know-how and set up the park on behalf for,” said Nilesh
Parekh, chairman of SGJHL.

“The funding will be done through a mixture of
private equity participation and internal accruals. We are in talks with a few
large private equity players and at the same time we are also in advanced
stages of discussion with the state governments as well,” Parekh added.

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