South Korean builder GS Engineering & Construction is set to develop a 300-megawatt solar power plant in Rajasthan state, northwest India, as an independent power producer, the firm said Thursday.
An IPP is an entity that builds power plants, runs them for a certain period and recoups its investment.
GS E&C’s new business division chief, Huh Yoon-hong (fifth from left), and ReNew Power Chairman Sumant Sinha (fourth from right) pose for a photo at the signing ceremony for a shareholders’ agreement for the ISTS-IV 300-megawatt photovoltaic project, in Seoul on Thursday. GS E&C
GS E&C said the investment will be made by acquiring a stake in the ISTS-IV 300-megawatt photovoltaic project implemented by Solar Energy Corporation of India Ltd., which was founded by India’s New and Renewable Energy Ministry.
The project costs $185 million, of which GS E&C’s investment is $23.5 million, or 49 percent of the total. The plant is slated to be built on about 600 hectares near Jaisalmer, northwestern Rajasthan, and to begin commercial operation in April 2021.
On Thursday, GS E&C held a signing ceremony in Seoul for the shareholders’ agreement for the ISTS-IV 300-megawatt photovoltaic project. It was attended by the firm’s new business division chief, Huh Yoon-hong, and India’s solar energy firm ReNew Power Chairman Sumant Sinha.
By Shin Ji-hye (email@example.com)