Hindustan Cleanenergy to set up 150 MW solar farm in Punjab.

Solar power producer Hindustan Cleanenergy, which has chalked out Rs. 5,500-crore capex plan by 2016, has inked an MoU with Punjab to set up a 150-MW solar farm that envisages Rs. 1,200 crore investment.

'We signed an agreement a couple of weeks ago with the Punjab government for a 150-MW solar farm. the project, which will be commissioned by December, 2015, will involve an investment of around Rs. 1,200 crore,' Hindustan Cleanenergy Chief Executive Rajya Wardhan Ghei told PTI.

On funding part, he said the company normally follows the 70:30 rule of debt-equity ratio. He also said normally, after all the approvals, it takes six months for them to commission a solar farm.

Hindustan Cleanenergy is a subsidiary of Hindustan Powerprojects in which the PE firm Blackstone India has a 33% interest and the rest is with promoter Ratul Puri.

Ghei said the project will need about 750 acres and the farms could come up on government land spanning four districts of Mohali, Patiala, Ropar and Sangrur.

BS