Saptashva Solar, a wholly owned subsidiary of the company, will establish a series of solar farms for power generation in Spain with a target for the first year of about 28MW capacity. The medium-term target is to install close to 200MW of these farms in Spain and surrounding Portugal alone.
The solar farms proposed to be established in the first year would require a total investment of approximately E168 million. Based on the current policy and legislation, the project is expected to have a 25-year power purchase agreement from the local utility company. Saptashva would generate on first full year of operations with this capacity about E17.74 million with 20% margins for the next 25 years.
The first solar farm of 2.3MW would be implemented before March 2008 and the balance would get installed by December 2008.
