Areva to invest Rs.13,300 Cr on solar power in India

New Delhi: Areva, the French energy major, is betting big on solar power in India.

It plans to float two subsidiaries for channelising investment to the tune of $3 billion (Rs 13,300 crore) in solar power generation.

The company is in talks with two financial institutions for floating a joint venture to put up 1,000 Mw of solar thermal power capacity over the next five to seven years.

The projects, coming up outside the National Solar Mission programme, will be developed under power purchase agreements (PPAs) with state governments.

The moment the company gets credible PPAs, the company will form the joint venture; and will not wait for the full 1,000 Mw capacity to be signed.

Areva is also planning to set up a fully-owned company for doing engineering and construction work to build solar islands (artificial membranes for the placing of solar panels) and turbines.