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MP to cross 1,500 MW solar projects this fisc

April 27: Madhya Pradesh is set to cross 1,500 MW of solar projects this fiscal and the state government here is pulling out all stops to attract new investments, as was revealed at the 2nd Annual Renewable Invest: Madhya Pradesh Summit 2015, recently held jointly by Solar Quarter and Wind Insider, leading business information providers.

Going by the record installations MP will achieve this year, it has stolen the tag of the most preferred investment destination for solar projects in India. This puts Madhya Pradesh in the top three states along with earlier favourites Gujarat and Rajasthan.

The installed capacity for wind energy projects was 14,000 MW at the end of 2014 in Madhya Pradesh. The Suzlon Group, India’s leading wind turbine maker, plans to build 2,000 MW of new wind energy projects in this central Indian state over the next five years. IFC, which also had a representative at the meet, has extended $50 million for wind projects in Madhya Pradesh. The financing will be used to construct a 170-MW wind power plant in the state.

The state’s advantages include low transmission and losses charges compared to other states; speedy clearances, approvals and inspections to avoid project delays, amongst others.

Some of the developers who participated in the event included Suzlon, Renew Power, Ujaas Energy, Tata Power Solar, Sun Edison, Ostro Energy, PTC & Soya Industries Ltd.