Clover Solar Proposes Solar Projects in India Worth 300 Crores

Clover Solar is planning to invest Rs. 300 crores in India during the next couple of years towards setting up solar power plants in India with an overall capacity of 25 MW.

The company will be kick-starting its plans by way of establishing a 2-MW solar plant near Pune at Supa. This project is expected to become operational by 2011 March with a 35-crore investment which will be funded by a mix of internal accruals and debt.

Clover Solar has signed an MoU with NVVN (NTPC Vidyut Vyapar Nigam Limited), under the JNNSM (Jawaharlal Nehru National Solar Mission) towards the 2-MW plant. Under this mission, 16 companies have been selected totally. Clover Solar is all set to establish new solar energy projects over the next two years and will become an additional revenue-stream for the company.

Clover Solar is currently engaged in talks with certain private equity companies along with clean-tech funds towards raising resources for funding the company’s expansion while anticipating Rs. 50 crores from these fund-raising efforts. The company is eyeing a total turnover of Rs. 100 crores in the next three-year period.