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PLG Power will set up a 120 MW capacity-solar cell manufacturing facility in Nashik at an investment of Rs 410 crore and production at the plant is expected to start by January 2012.
The Mumbai-based company, part of diversified PLG Group, is currently focused on the fast growing solar energy sector.
“We are building a solar cell manufacturing facility in Nashik, which will have an annual capacity of 120 MW.
The investment is about Rs 410 crore and we expect to start production by January next year,” PLG Power’s CEO and MD Mr Punit K Goyal told PTI.
The firm already has a 50-MW capacity solar photovoltaic modules manufacturing plant in Nashik.
The company is working on a 40-MW solar power project in Gujarat, that would see an overall investment of Rs 600 crore, Mr Goyal said. The project would be ready by September this year, he added.
PLG Power has signed the Power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for the project.
The company also has bagged 30 MW Engineering, Procurement and Construction (EPC) contracts worth about Rs 400 crore, Mr Goyal said.
A 20 MW EPC contract would be implemented for Saudi Arabia’s Zamil while the 10 MW order has been received from Chennai-based Indowind Energy Ltd.
Mr Goyal noted that the company has tied up with Japanese player Kyocera and together they are in negotiations for 100 MW EPC contracts -- estimated to be worth about Rs 1,500 crore.
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