2,700crore investments by Amplus in state & Andhra Pradesh for solar panels

By Realty Quarter Bureau

In a major push to expand its solar power business pan India, Amplus Energy Solutions has signed MoU with state governments of Maharashtra and Andhra Pradesh at the three-day Sunrise AP Investment Summit 2018 and will invest Rs 2,700crores to build projects.

The Gurgaon-based Amplus has signed a MoU with Andhra Pradesh government to install 200 MW of solar capacity with investments of Rs 1,200 crore. The MoU is expected to create 400 jobs in the state.

On the other hand, the MoU with the Maharashtra government is for 300 MW of solar capacity, out of which 250 MW would be for ground mounted captive and 50 MW would be for rooftops across the state for which Amplus will be investing Rs 1,500crore to install this capacity that is expected to generate employment for 150 people in the state.

Speaking about the partnerships, Mr. Sanjeev Aggarwal, Managing Director & CEO, Amplus Energy said “Indian government has shown it’s resolute for expanding renewable energy power in the country, especially in the solar power sector. India is at the cusp of taking a leadership position globally in the solar energy space as solid state and central policies will drive economical solar energy access across India. Our agreements with Maharashtra and Andhra Pradesh state govt. will help us expand in these states and ramp up our business and achieve our solar power targets”.

In February, Amplus also signed a MoU with Uttar Pradesh govt. to invest Rs 2,200 crore for 500 MW solar capacities. Amplus now has agreement with three state governments with combined investments of Rs 4,900 crore.

For funding its projects, Amplus already has a partnership with Yes Bank to co-finance and develop projects in the solar energy sector in India. Yes Bank will look for bankable projects to invest in and Amplus will develop them. Total projects capacity is expected to be up to 1,000 MW under the partnership.

Amplus has also been diversifying in new avenues such as Battery storage, Energy Efficiencies, Smart Cities, and Concentrated Solar Power Technologies among others.