Zynergy Projects and Services Pvt Limited, which focuses on solar energy and production of equipment related to the solar industry, is planning to invest around Rs 2,000 crore in manufacturing. Besides, it would invest around Rs 3,000 crore in power generation. These investments will be in Tamil Nadu.
Rohit Rabindernath, chief executive officer, Zynergy Projects, said the manufacturing facilities would be established in two phases. In the first phase, a facility to manufacture modules will come up at Sriperumbdur, near Chennai, with a capacity of 25 Megawatt. It is expected to go on stream in May.
The company has acquired 6.5 acres of land and blocked another 40 acres in Tirunelveli district, in south Tamil Nadu, for setting up a manufacturing facility for solar cell and other equipment to cater to the industry.
The investment to be made over five years would be funded by promoters, investors and debt.
“We are also in advance stage of negotiations with private equity funds to raise the money,” said Rabindernath. He refused to give other details.
Both the projects are being implemented by a special purpose vehicle.
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Commenting on its generation vertical, he said, the company and its Spanish partner were planning to set up solar farms, which can generate 350 Mw over the next five years. The company intends to invest around Rs 3,000 crore in this venture.
“We are waiting for the solar policy to get some clarity,” said Rabindernath
Recently, the company commissioned a one-megawatt solar plant at Madurai. He claimed this plant would supply 1.65 billion units (kWh) per annum.
He said they were in advance level of negotiations to take up EPC works for projects with a capacity of 20 Mw.