Lanco targets 300 MW solar power in two-year

Lanco targets 300 MW solar power in two-year

New Delhi: India’s Lanco Infratech, engaged in infrastructure construction, said on Monday it aims to generate 200-300 megawatts (MW) of solar thermal power over the next two-year.

Last week, Lanco emerged as one of the biggest winners in an auction to build solar power projects in India, with a maximum project capacity of 100 megawatts.

Lanco also offers turnkey engineering, procurement and construction (EPC) services to other solar power developers and is looking to build 300-500 MW of solar thermal and solar photovoltaic (PV) plants over the next 2-3 years, it said in a statement.

Solar thermal is a technology that concentrates the sun’s rays to heat water into steam and drive a generator, while traditional PV modules directly convert sunlight into electricity, and make up the largest chunk of the solar market.

Lanco is one of several companies looking to grab a pie of India’s lucrative solar market, as the country moves forward with an ambitious plan that seeks to significantly scale up production from near zero to 20 gigawatts by 2022.

Lanco, which is seeking to secure fuel for its ambitious capacity addition plans, last week agreed to buy much sought- after coal mines owned by Australia’s Griffin Coal.

At 11:08 am, Lanco shares, valued at more than $3.3 billion, were down 0.56% at Rs62.40.