Prozeal Green Energy and Golyan Power Form JV for Solar Projects in Nepal

09 Sep 2024 CW Team

Prozeal Green Energy, based in Ahmedabad, and Golyan Power, a Nepalese firm, have entered into a joint venture agreement to establish solar power projects in Nepal. The agreement was formalised at the Golyan Group headquarters in Kathmandu, marking a notable milestone in the commitment of both companies to advancing renewable energy solutions, as indicated in a statement.

The agreement was signed by Shobit Rai, Director of Prozeal Green Energy, and Akshay Golyan, Director of Golyan Power. This partnership highlights a shared vision to significantly contribute to a cleaner and greener future for Nepal.

The joint venture, named Prozeal Green Energy Nepal, plans to develop over 500 MW of solar energy projects across various locations in Nepal within the next 18 months. Prozeal Green Energy will hold a 60 per cent stake in the joint venture, while Golyan Group will own the remaining 40 per cent.

Rai remarked that this joint venture signifies "a powerful alliance between Nepal and India, combining our expertise to lead the global decarbonisation movement. Together, we are setting new benchmarks for clean energy and sustainability in Nepal."

Akshay Golyan expressed confidence in the partnership, noting that Nepal's rapid growth in the renewable energy sector would open new opportunities for both companies. He emphasised that they had united through their shared vision and the vast potential ahead.

The joint venture will focus on developing both solar rooftop and ground-mounted photovoltaic (PV) solar plants. The energy generated from these projects will be sold to the Nepal Electricity Authority (NEA) and various commercial and industrial consumers.

According to the agreement, Prozeal Green Energy will act as the EPC (Engineering, Procurement, and Construction) development company, utilizing its extensive expertise in renewable energy. Golyan Group will concentrate on business development, land acquisition, and financing.

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