Ex-honcho of Credit Suisse arm plans unique solar plant.

US-based Convalt Energy wants to put up 1,000 MW of solar plants in Karnataka. The company, founded in 2010 by Hari Achutan, a former Director in the Alternative Investments group of Credit Suisse Asset Management, US, intends to put up a pumped-storage hydro project along with the solar plant, which is meant to function as an energy storage instrument.

A Memorandum of Understanding to facilitate this was signed between the company and the Karnataka government, at a Vibrant Gujarat event on Monday.

Hari told Business Line that Convalt had 'started work' on the projects and issues such as land and consumers would be finalised over the next two-three months.

Work on the construction of the project(s) will begin in 2016 and the 1,000 MW will be completed in a three-year time frame, Hari said.


HBL