Punjab Government received bids from as many as 18 companies for setting up solar projects in the State which will attract investment of Rs3,500 crore.
Companies like Sun Edison, First Solar and Sky Power from the US, Solar Pack Corporation Spain, Emami Power, Sun Pharma, Acme, Hero Group, Welspun, and Azure Power participated in the bidding process, said the State New and Renewable Energy Minister Bikram Singh Majithia on Sunday.
He said that the State received bids with cumulative capacity of 1,650 MW (megawatt) as against offered capacity of 500 MW. The allocation process will be completed by the end of next month, he said.
These 500 MW projects will bring investment of Rs3500 crore in addition to Rs4000 crore already invested on 540 MW solar projects in the State, he said.
Majithia said that the “overwhelming” response from international solar power players had once again confirmed that the State's renewable energy policy is the best in the country.
“It is to the credit of Punjab that it has succeeded in its ‘Go Solar Mission’ despite constraints of land. We do not have any wastelands or deserts, yet Punjab is the most preferred state for investors as compared to other states which are five to seven times larger in area,” the Minister said.
He added, “We have backed up our solar mission with a 25-year power purchase agreement with our electricity utility — the Punjab State Power Corporation limited (PSPCl). The fact that PSPCl has got a good credit rating of A-plus has also boosted investor confidence.”
“Moreover, hassle-free land acquisition and land lease policies, pro-business policies, incentives, infrastructure, power provision, and ease of doing business make Punjab an attractive investment destination for companies,” he said.
Majithia said that Punjab has been enhancing its renewable energy share, especially solar energy, at a very fast pace. “In the current five-year plan, the capacity addition in solar has increased from nine MW to more than 500 MW. The target has been set to generate solar power capacity up to 1,500 MW by December 2016,” he said.
