India’s SJVN Ltd. will hire a consultant for setting up a 4.2 gigawatt clean energy park in Gujarat, the home state of Prime Minister Narendra Modi.
The state-owned power utility will call for tenders in the next two months and expects to begin work on the hybrid clean energy park by the end of 2015, Executive Director R.K. Agarwal said in a phone interview.
The company, based in Shimla in north India, plans to set up 1 gigawatt of solar and wind power in the next three years as part of the project’s first phase, he said. In the second phase, the company may invite private developers to participate, Agarwal said.
SJVN will set up the so-called ultra-mega hybrid renewable energy park at salt-pan land owned by Hindustan Salts Ltd., according to an exchange filing. SJVN expects the first phase to cost 65 billion rupees ($1.05 billion), of which 75 percent will be funded through debt, Agarwal said.
India plans to more than double the share of renewables in its energy mix by the end of this decade from 6 percent at present.
Copyright 2015 Bloomberg
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