SkyPower commits to India’s solar energy target of 20 GW by 2022

CHHATTISGARH, INDIA – NOVEMBER 4, 2012

A memorandum of understanding (MOU) was signed between Chhattisgarh Government, and a joint-venture between SkyPower and Mumbai-based Eastern Power today to develop 1,000 MW of solar PV in Chhattisgarh, India. This project is expected to be in commission by 2017 with an investment of INR 10,000 crores ($2 billion USD).

India is poised for solar PV development with its outstanding year round solar radiation numbers and a palpable need for a shift to alternative energy sources. With India’s solar energy target of 20 GW by 2022, marking and with India’s historic reliance on coal, this MOU is representative of a committed effort to make the move towards renewable energy.

“SkyPower is proud to be part of India’s drive towards leadership in solar energy. With a partner in Eastern Power, SkyPower looks forward to bringing energy projects to operation expeditiously, helping India work towards a brighter future in solar.” said Kerry Adler, President and CEO of SkyPower.

India is working towards solar policies that are highly conducive for investors in the market. The state transmission utility has created the strong infrastructure necessary in order to stimulate solar power. With this MOU, SkyPower/Eastern Power and Chhattisgarh Government will lead the way for diversifying India’s energy mix for the future. As India moves toward a more developed renewable energy mix, SkyPower is pleased to work with Eastern Power to generate a brighter future.