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Mizuho Financial to develop 200MW solar plant in Gujarat, India

CTBR Staff Writer Published 06 February 2013

A consortium of Japanese companies, headed by the Mizuho Financial Group, plan to develop a solar plant in Gujarat, India.

Mizuho Financial Group spokeswoman Masako Shiono told Bloomberg that the proposed facility is expected to generate 200MW energy and require an investment of $325m.

The company's corporate lending unit had already inked a memorandum of understanding in January 2013 to support the state government's efforts, added Shiono.

Japanese solar module developer Kyocera is expected to be a supplier for the project, reported the Nikkei newspaper quoting unspecified sources.

Shiono said that there were several companies interested in being a part of the project, which could eventually be expanded to 2,000MW.

India, facing chronic power shortages and shortfall of coal and gas had released a draft policy document in December 2012, wherein it outlined plans for 9,000MW of grid-connected solar plants by 2017.

To achieve the envisaged expansion, the country is offering clean-energy investors with a slew of incentives such as lower tax rates and cheaper raw materials.