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Foreign investors to pick up 55% stake in Haldia solar complex

Overseas investors are picking up around 55% in the integrated solar complex coming up at Haldia in West Bengal at an investment of around Rs 5,000 crore.

Singapore-based International Solar, a clean energy investor, is in the process of taking 25% in the project while another 30% is being picked up by American and German funds which invest in clean energy.

Domestic player Srei Finance is also in talks to pick up 20% in the project, while the balance 25% will be held by the promoters -- Bhaskar Silicon, an independent company set up by the Indian arm of Singapore-based Environ Energy. The venture, said to be India's first poly-silicon project, will have the capacity to generate 250 megawatt (mw) of solar power on its completion.

Jyoti Poddar, director, Bhaskar Silicon, told DNA Money that 70% of the project will be funded through debt, for which talks are on with domestic and overseas funding agencies. Germany's KfW and DEG could play a role in raising overseas debt funds, while on the domestic front, Bhaskar Silicon is talking to a consortium of large banks.

Around Rs 3,000 crore is slated to be invested in the first phase of the project when 2,500 tonne of poly-silicon and 30 mw of solar cells will be manufactured.

Around 2,500 tonnes of poly-silicon can manufacture up to 250 mw of solar cells and panels. The second phase will see the setting up of a 160 mw wafer plant, a 90 mw solar cell plant and a 90 mw module plant while, in the third phase, a wafer plant, cell plant and module plant of 90 mw each will be put in place.

Investment in the second and third phase will involve the balance Rs 2,000 crore.
Poddar said because of the slowdown, input costs have reduced, bringing down the overall investment cost by Rs 500 crore to Rs 5,000 crore from the previous Rs 5,500 crore.

The prime minister's national solar mission targets 20,000 mw of solar power generation by 2020, 1 lakh mw by 2030 and 2 lakh mw by 2050.

Source: DNA India

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