Amplus invests Rs.2,700Cr in Maharashtra, Andhra for 500MW solar power

ANI | Updated: Mar 06, 2018 19:45 IST

New Delhi [India], Mar. 6 (ANI): In a major push to expand its solar power business across India, Amplus Energy Solutions signed a Memorandum of Understanding (MoU) with the state governments of Maharashtra and Andhra Pradesh at the three-day Sunrise AP Investment Summit 2018 to invest Rs 2,700 crores to build projects.

The Gurugram-based company signed an MoU with the Andhra Pradesh government to install 200 MW of solar capacity with investments of Rs 1,200 crore, along with the creation of 400 jobs in the state.

On the other hand, the MoU with the Maharashtra government was signed to install 300 MW of solar capacity, out of which 250 MW would be for ground-mounted captive and 50 MW would be for rooftops across the state, for which Amplus will be investing Rs 1,500 crore to install this capacity that is expected to generate employment for 150 people in the state.

"Indian government has shown its resolute for expanding renewable energy power in the country, especially in the solar power sector. India is on the cusp of taking a leadership position globally in the solar energy space as solid state and central policies will drive economical solar energy access across India. Our agreements with Maharashtra and Andhra Pradesh state govt. will help us expand in these states and ramp up our business and achieve our solar power targets," said Amplus Energy MD and CEO, Sanjeev Aggarwal.

In February, Amplus had signed an MoU with the Uttar Pradesh government to invest Rs 2,200 crore for 500 MW solar capacity. With the new investment, Amplus's aggregate expenditure is Rs. 4,900 crore.

For funding its projects, Amplus had partnered with Yes Bank to co-finance and develop projects in the solar energy sector in India. Yes Bank will look for bankable projects to invest in and Amplus will develop them. Total projects capacity is expected to be up to 1,000 MW under the partnership.

Amplus has also been diversifying in new avenues such as Battery storage, Energy Efficiencies, Smart Cities, and Concentrated Solar Power Technologies among others. (ANI)