Canada’s SkyPower partners BYD for 750 MW solar projects in India1 min read . Updated: 13 May 2016, 01:00 PM IST
SkyPower was awarded 350 MW of solar projects in Telangana and Madhya Pradesh in recent months
Mumbai: Canadian solar energy developer SkyPower Ltd on Friday said it has entered into an agreement with Chinese battery technology firm BYD Co. Ltd to submit a joint bid in the upcoming tenders for solar power projects and energy storage of up to 750 megawatt (MW) in India.
The agreement, which was signed during the opening ceremony of the China-Canada Economic and Trade Cooperation Conference, will bring together a “highly-competitive bid for low-carbon, clean technology solutions", the two companies said in a joint statement.
SkyPower was awarded 350 MW of solar projects in Telangana and Madhya Pradesh in recent months. The company is looking for partners for its India project, Reuters reported on 12 April, quoting chief executive Kerry Adler.
“The joint venture will draw upon SkyPower’s vast global experience and its proprietary development platform to develop clean energy solutions in India at truly market-competitive rates, while ensuring the highest quality construction and world-class execution," the statement issued on Friday said.
BYD, known for its battery storage technology, is headquartered in Guangdong, China’s most populated province, accounting for more than 25% of China’s foreign trade.
India’s renewable energy sector has attracted strong interest from foreign funds after the government sharpened its focus on clean energy.
Prime Minister Narendra Modi is banking on renewable energy sources to fight climate change and has set an ambitious target of creating capacities to generate 175GW by 2022. The country currently has 22GW of wind energy capacity and over 5GW of solar capacity.
The government of Guangdong is also investing in clean energy as part of China’s 13th Five-Year Plan.