Essel, Rajasthan ink pact for solar parks; to invest Rs 4k cr

 Diversified conglomerate Essel Group today said it has formed a 50:50 joint venture (JV) with the Rajasthan government to set up solar parks in the state.

The solar parks will be set up in Bikaner and Jaisalmer regions with an investment of Rs 4,000 crore.

"Essel Group has entered into a JV agreement with the Government of Rajasthan to set up solar parks in the state. The project will facilitate an investment of Rs 4,000 crore in the regions of Bikaner and Jaisalmer," it said in a statement.

Essel Group and Rajasthan government will hold a 50:50 stake in the JV firm -- Essel Saurya Urja Company of Rajasthan Limited (ESUCRL) -- which will develop solar parks that would produce 5,000 MW of clean energy, it added.

"According to the JV agreement, the land for the project will be provided by the Government of Rajasthan for solar park development, while Essel Group will implement the entire project which includes financing, technical support, operation and maintenance," Essel Group said.

Recently, the group has signed an MoU with a Chinese firm, JA Solar, for setting up a solar cell and module manufacturing company in India. It is also developing one of India's largest solar plants in Tamil Nadu, the firm added.

"Solar Park Project in Rajasthan will be India's turnkey project in the renewable energy space which will aid the clean energy initiatives of the Government of Rajasthan," Essel Infra and Utilities CEO Ashok Agarwal said.

Essel Group Chairman Subhash Chandra had participated in the world's largest trade fair, Hannover Messe 2015, and had forged alliances with five German firms to develop green energy projects and smart cities in India, Essel Group said.

"Essel Group has taken large strides in realising Prime Minister Narendra Modi's dream of setting up 100 smart cities in India. It plans to invest over USD 2 billion over the next three years in transforming major cities across India," it said.