Solar Energy Corporation of India (SECI) will establish a solar PV park with a capacity of 1GW on an area of 5,000 acres in the Mahboobnagar district of Andhra Pradesh.
The project would require an investment of INR80bn (€937.4m) to INR100bn (€1.2bn).
SECI managing director Rajendra Nimje was quoted by Hindu Business Line saying that the entire capacity will come up over the next 18 to 24 months.
The site will be prepared with essential infrastructure with an initial outlay of INR6bn (€70.3m).
An agreement with Andhra Pradesh Industrial Infrastructure Corporation was signed by SECI for the facilitation of the land.
Basic infrastructure for the project will be prepared within five to six months, while the developers will be selected through a competitive bidding.
The solar units under the project will be modular with 10MW and above.
Additionally, SECI has partnered with Japan International Cooperation Agency (JICA), lending agency, for the initial infrastructure and intends to offer loans at lower interest rates for the developers.
The loan may be offered at 4% to 5% through various agencies such as the World Bank, Asian Development Bank, and also through the Clean Energy Fund.
Nimje confirmed that SECI had already signed an agreement for a 4,000MW solar PV park in Rajasthan and is also planning at least four more solar parks to be located in Odisha, Tamil Nadu, Rajasthan and another one possibly in Andhra Pradesh.
SECI has established projects, which crossed the 100MW mark, individually, across India. The corporation aims to reach the target of 10,000MW of solar capacity by 2017.
Image: SECI to set up 1GW solar power park in India. Photo: Courtesy of graur codrin/ FreeDigitalPhotos.net.