Nov. 10, 2010
-- Milton Financials has learned that Courbevoie, France headquartered energy firm Areva is planning a $3 billion investment into India’s rapidly growing solar energy sector. Areva, which primarily focuses on nuclear energy, intends setting up 1000 MW of solar thermal power capacity over the next five years.
The firm already has an established presence in the Indian biomass sector and has recently entered into a joint venture with Astonfield Group Of Companies to increase its 60MW capacity to 100MW.
Areva is one of a number of foreign firms hoping to enter the Indian solar power sector, lured by the National Solar Mission (NSM) which aims to install 20,000 MW of solar photovoltaic and solar thermal power capacity by 2022, Milton Financials was informed. Current installed capacity is a mere 12MW, allowing for massive growth for foreign investors, sweetened by the financial incentives offered by the Indian government.
Areva’s 1000MW project will however not benefit from the NSM incentives as it will be excluded for not utilizing Indian-produced reflectors, panels and other equipment.
The French company is also expected to gain a substantial share of India’s nuclear energy market because of the Indo-French nuclear agreement signed in 2009 Milton Financials has learned.
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