Renewable energy firm Bharat Light and Power Pvt. Ltd on Tuesday said it had entered into a joint venture with Statkraft, a state-owned Norwegian power company, to offer solar energy solutions in India, a market witnessing increased interest from multinational firms looking to benefit from the government’s push to shift towards renewables.
This is the second partnership that Bharat Light has announced in the last two months. In September, Italy’s Enel Green Power had acquired a majority stake in Bharat Light’s utility-scale wind and solar subsidiary BLP Energy, for about €30 million (about ₹ 220 crore).
Statkraft, Europe’s largest generator of renewable energy, produces hydropower, wind power and gas-fired power. It has 4,200 employees in more than 20 countries. The JV, Statkraft BLP Solar Solutions Pvt. Ltd, will provide industrial and commercial consumers with both rooftop and ground-mounted solar solutions, the firms said in a statement.
In recent months, US-based SunEdison Inc. and First Solar Inc., Russia’s OAO Rosneft, China’s Trina Solar Ltd, Japan’s SoftBank Group and Taiwan’s Foxconn Technology Group have either invested in or evaluated investing in the Indian renewable energy sector.
The government is aiming to shift India’s energy mix towards renewables. It aims to install 100 gigawatts (GW) of solar power and 60GW of wind power by 2022, which would entail an investment of as much as $200 billion.
“By providing distributed solar energy solutions on a per kWh (kilowatt-hour) basis, storage and micro-grid solutions, we intend to transform the way power is generated and consumed in India. This will go a long way in supporting the government’s mission of 24x7 power for all by 2019," said Bharat Light chief executive Tejpreet Chopra.
The joint venture will also provide a variety of financing structures, whereby consumers can convert their solar capital expenditure into a per unit cost of solar energy, enabling consumers to reduce their carbon footprint and lower energy costs, the statement said.
With this transaction, Statkraft expands its presence and product offering in the Indian market. In India, Statkraft operates two hydropower plants totalling to 300 megawatt (MW) and one hydropower project of around 400 MW under development in joint ventures with Bhilwara Group and Tata Power Co Ltd, respectively.
Statkraft has been present in India since 2004 when it acquired a 49% stake in Malana Power Co, which owns the country’s first merchant hydro power station.
Bharat Light has about 800 MW of wind farms in operation and under development.