Mizuho company spokeswoman Masako Shiono was quoted by Bloomberg as saying that the project is expected to have an investment outlay of $325m.
The company’s corporate lending division had signed a memorandum of understanding with the state government in January 2013, the spokeswoman added.
Shiono said that the capacity of the solar plant can be increased to 2,200MW in the future.
The company’s plan to build the solar plant follows on recent policy changes in India to significantly expand energy generation from solar sources in the country.
Incentives such as low tax rates and low-cost raw materials have encouraged investors to tap into the market.
Persistent power scarcity arising from shortage of coal and gas has resulted in the Indian government releasing a draft policy envisaging 9,000MW of installed solar capacity connected to the grid by 2017.
