Essel Group has formed a 50:50 joint venture (JV) with the Indian state of Rajasthan, to develop solar parks with power generation capacity of 5GW.
The solar developments are planned to set up in and around Bikaner and Jaisalmer in the Indian state. They are expected to cost approximately Rs40bn ($623m).
The JV is planned to be named ‘Essel Saurya Urja Company of Rajasthan (ESUCRL)’, reports Press Trust of India (PTI).
While the state government will provide the land for the solar developments, Essel Group will be responsible for implementation the entire project.
Project scope for the Indian conglomerate will include financing, technical support, operation and maintenance, it said.
The news agency quoted Essel Infra and Utilities CEO Ashok Agarwalas saying: "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 Group had recently signed a Memorandum of Understanding (MoU) with China-based JA Solar for developing a solar cell and module manufacturing firm in India.
The group is also setting up one of the largest solar plants in the country at Tamil Nadu.
The initiatives are in line with the Indian Government’s goal to develop 100 smart cities in the country.
Essel Group intends to transform major cities across India with more than $2bn of planned investment over the next three years.