According to reports, AP Genco, the power generation corporation, has decided to invest about Rs 1,000 crore to set up 150 MW of solar PV farms in the State.
“A decision on the proposal by AP Genco to set up solar PV units was taken by the board recently. In addition to the 50 MW planned earlier, we have decided to set up another 100 MW,” K. Vijayanand, Managing Director of AP Genco, said. “We have land for 50 MW unit and are in the process of identifying land for another 100 MW solar PV cluster. AP Genco expects to implement the project within 18 months,” he told Business Line.
The corporation has been closely watching the developments in the solar PV sector.
With the recent decision to offer Rs 6.49 a unit, the Corporation felt this was attractive and decided to set up these projects, he said.
Meanwhile, the corporation is in the process of finalising its accounts to take part in the financial restructuring process announced by the Centre.
The scheme envisages finalising accounts till March 31, 2012, and to be implemented by July 2013.
Once this process is completed, it will have a better balance sheet and provide the flexibility to the corporation to avail funds for ongoing projects.