Gurugram-based solar rooftop developer Amplus Energy Solutions backed by I Squared Capital targets installing 400 MW solar capacity in Uttar Pradesh over the next three years with total investments of ₹2,000 core, the company said on Monday.
In the first phase of investment, Amplus which works on opex model (where developer invests in the solar power plant, maintains it while the rooftop owner purchases the power at a predetermined price) will set up 50 MW ground-mounted solar PV project at a cost of over ₹250 crore in Mirzapur.
The company’s commitment comes in the backdrop of the State government’s Solar Policy 2017 launched last year.
“UP’s Solar Policy 2017 is supportive to the investors. It has provided a friendly environment for the investment and provides consumers an option to procure green power on reasonable terms,” said Sanjeev Aggarwal, Managing Director & CEO, Amplus Energy.
Earlier in the year, Amplus had signed an MoU with the State government for attaining solar energy capacity of 10,700 MW in the next five years. The company has already developed several projects in UP, including one of India’s largest rooftop captive solar plants of 6.2 MW on Yamaha factory located in Noida.
According to Alok Verma, Vice-President, Amplus, the UP government’s Solar Policy allows so-called open access or direct sale of power to customers, established single window clearance for installations and provides clarity on the availability of incentives to solar developers.
In an interview with BusinessLine earlier this month, Aggarwal said that the company was “reasonably convinced” by the policy and regulations of UP on open access and rooftop installations after comparing it with policies of few other States.