According to reports, Surana group companies Bhagyanagar India and Surana Ventures, which had announced plans to set up two 5-MW solar power plants in Andhra Pradesh, have decided to defer the projects amid concerns of their financial viability.
Bhagyanagar and Surana have already commissioned two 5-MW solar photovoltaic units each in Andhra Pradesh and Gujarat, respectively.
While the first unit set up in Munipally in Medak district of Andhra Pradesh was commissioned about six months after it was ready due to delays in securing linkages and permissions, the management is considering deferring the implementation of the other two solar projects of 5 MW each, Narendra Surana, Managing Director, Bhagyangar and Surana Ventures, told Business Line.
The companies have decided to defer the implementation of new projects till the Government extends support.
Surana said the erratic mode of evacuation of power at the Munipally unit is causing hardship to the company.
While the power gets generated by 6.30 a.m. or 7 a.m., it is not being evacuated as there is no power supply to the rural area around during that time. This is causing severe financial strain, making the project unviable.
The company has invested about ₹30 crore on the project.
“Given this backdrop, the company is reconsidering its plan to set up two units of 5 MW each at Medak and Vikarabad.
These were to be commissioned by March and June, respectively. Instead, we are looking at setting up another plant of 5 MW in Gujarat, where a 5-MW solar power farm is operational,” Surana said.