Essel Group has entered into an agreement with the Rajasthan Government to develop 5GW solar power project in India. Under the terms of agreement they signed, the signatories will establish a 50/50 joint venture (JV) company, called Essel Saurya Urja Company of Rajasthan (ESUCRL), to oversee solar parks development project with an investment of Rs40bn ($623m) in Bikaner and Jaisalmer.
Essel will be in charge of financing, technical support, operation and maintenance of the project, while the Rajasthan Government will provide the land required to develop the solar parks. Essel Infra and Utilities CEO Ashok Agarwal said: "Solar Park Project in Rajasthan will be India's turnkey project in the renewable energy space which will aid the clean energy initiatives of the Government of Rajasthan.” "For Essel Group, this is a step forward towards developing Eco-friendly energy sources, underlining its commitment towards the Central Government's plan of setting up 100000 MW of solar power capacity by 2022."
Essel has recently signed a memorandum of understanding with JA to jointly launch a solar cell and module manufacturing company in India. Apart from this, the company had also signed deals with five Germany-based firms, with an aim to develop green energy projects and smart cities in the country.