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Waaree to invest Rs 8 billion in Indore

According to reports, Mumbai-based energy firm, Waaree Energy is likely to invest a sum of Rs 800 crore in solar energy sector in Indore and its surrounding areas. Once operational, its plant will have a capacity to generate 100 MW of solar energy.

The plant would be selling power to MPEB which in turn will offer it to industries in the city. Association of Industries in MP is acting as a facilitator for the project. Its secretary Vijay Agrawal said, “Currently we are purchasing power from the MPEB for Rs 7 per unit. However, we are likely to buy power to the tune of 40 MW from the company at a subsidised rate of Rs 6 per unit only. Thus, each industry, located at Sanwer Road Industrial area in the city which will buy power from the agency, will be able to cut a cost of nearly Rs 2-3 lakh on power tariff per month.”

Every plant in the area consumes nearly 2-3 lakh units of power in the industrial area. There are 95 industrial units of 33 KV each in Sanwer Road area alone. President of the Association, Ashok Badjatya said, “The solar energy supply will help us getting power at a cheaper rate and will also provide us assured power supply. Currently, MPEB was already obsessed with its commitment towards rural areas and hence it often disrupts power supply to us which further affects the productivity.”

Managing director of the company Hitesh Doshi is likely to sign an agreement in this connection with TRIFAC during the forthcoming Global Investors’ Summit (GIS).

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