Indian renewable energy company Bharat Light & Power (BLP) has partnered with Norway’s Statkraft to open a joint venture company for providing solar energy solutions in India.
The new 50-50 joint venture is called as Statkraft BLP Solar Solutions (SBSS) that expects to provide rooftop and ground mounted solar solutions to both industrial and commercial consumers including large corporates, industries and institutions.
Several other financing structures will be provided by SBSS, where consumers can convert their solar Capex into a per unit cost of solar energy model. It will also help reducing carbon footprint and minimising energy costs.
BLP CEO Tejpreet S Chopra said: "This partnership brings together two entities committed to support the government’s renewable energy objectives.
"By providing distributed solar energy solutions on a per kWh basis, storage and micro grid solutions, we intend to transform the way power is generated and consumed in India. This will go a long way in supporting the government’s mission of 24/7 power for all by 2019".
The company plans to invest $1bn to expand its renewable energy capacity in India in the next five years. Under the plan, it will try to raise its portfolio from 200 MW to 1,000 MW.
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By GlobalDataThe three-year old company is owned by UTI Capital and California’s venture capital firm Draper Fisher Jurvetson.
In 2013, the comapny acquired Indian company DLF’s 150 MW of wind energy assets for around $47m.
Statkraft CEO, Christian Rynning-Tønnesen said: "Exploring new business opportunities within distributed solar energy are of great importance to Statkraft.
"The combination of our core competence in energy management and Bharat Light & Power’s local knowledge and expertise, constitutes a solid platform for value creating services to industrial and commercial customers in India".
The government of India has set a target of achieving 100 GW of solar and 60 GW of wind based power generation capacities by 2022.
