Hindujas power up Modi's renewable push with $1 b investment in solar.

Prime Minister Narendra Modi's thrust on putting India on the renewable energy map is luring big corporates to invest in this segment. In the latest such investment in the sector, the Hinduja Group recently said it is looking to pump in about a billion dollars to set up solar-based power units in the country to generate 1,000 MW.

'We have identified locations in three States, including Rajasthan and Gujarat,' Gopichand P Hinduja, Co-Chairman of the $25-billion Group said at a media interaction. The company has acquired land and is in talks with three potential partners, of which one will be selected after due diligence. Shom Hinduja, the 23-year-old son of Group Chairman Ashok Hinduja, is leading the entry into the solar power business.

YES Bank announced separately that it is issuing India's first Green Infrastructure Bonds to raise Rs. 500 crore. This follows State Bank of India’s decision to commit Rs. 75,000 crore to fund renewable energy projects. Given the Centre's focus on India's renewable energy potential and the target of 175 GW of additional capacity installation by 2022, it is estimated that the renewable energy sector will require significant financing.


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