Optical storage manufacturer Moser Baer India on Friday said it will set up a solar power project in Rajasthan with an investment of around $25 million.
MUMBAI: Optical storage manufacturer Moser Baer India on Friday said it will set up a solar power project in Rajasthan with an investment of around $25 million (Rs 100 crore).
Moser Baer Photo Voltaic (MBPV), wholly owned subsidiary of the company, on Friday signed a Memorandum of Understanding (MoU) with the Rajasthan Government for setting up of a large solar power project in the state with an estimated generation capacity of 1-5 MW.
"MBPV aims to redefine the paradigms of solar power generation through its world class manufacturing and multi technology capabilities and demonstrate a commercially viable, grid-connected PV energy system in India through this project," MBPV CEO Ravi Khanna said.
Moser Baer is also evaluating various options for setting up large sized solar farms across the SAARC region with strategic tie ups with some of the leading global Solar PV firms and clean energy funds, the company said in a filing to the Bombay Stock Exchange.
The SAARC region has large demand supply imbalances in energy generation capacities, with an increasing need to explore alternate and efficient energy sources.
"This project is a pioneering initiative in that direction and we believe that the SAARC region provides huge opportunity for such large sized projects." he added.
The state already has an installed capacity of 5,500 MW of power and will add 4500 MW by 2011-12 through state sector projects of 1500 MW, private sector projects of 1500 MW and central sector projects of 1500 MW. Over 520 MW of non-conventional power is already being generated by private units in the state.
Shares of the company were trading at Rs 269.40, up 3.78 per cent on BSE in morning trade.
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