Areva to invest Rs 13,300 cr in solar energy

Areva, the French energy major, is betting big on solar power in India. It plans to float two subsidiaries for channelising investment to the tune of $3 bn (Rs 13,300 crore) in solar power generation. Currently, it has 60-MW of biomass-based power capacity in India and is looking to tap the market for nuclear power in a big way. The company was in talks with two financial institutions for floating a joint venture to put up 1,000 MW of solar thermal power capacity over the next five to seven years. The projects will be developed under power purchase agreements (PPAs) with state governments and will form the joint venture. Areva is also planning to set up a fully-owned company for doing engineering and construction work to build solar islands (artificial membranes for the placing of solar panels) and turbines. An EPC company will be formed with an Indian partner. This will help Areva build a supply chain and enable it to export parts to Australia and West Asia. Contact: Areva T&D India Tel: 011- 4762 9100 Website: www.areva-td.in