Hindustan Power has acquired the rights to build 15 solar power generation projects in Japan. The bids for the projects were called by the Japan’s Ministry of Economy, Trade and Industry.

Hindustan Power’s CEO for International Solar, Lalit Jain, told BusinessLine , “The upfront payment for the deal is $100 million (nearly ₹660 crore). We will invest another ₹1,500 crore for building these projects, which will have a generation capacity of 150 MW.” The projects will be commissioned in financial year 2017-18, he added. A HPL official said, “Hindustan Power plans to run the projects for 5-7 years from the date of commissioning and will then look for a buyer. The company will then move to an operations and maintenance contract for the project.” Traditionally pension funds take over solar power projects in Japan.

In an official statement, the company said it also aims to enter Bangladesh with 4 x 25 MW solar project at Trishal. Jain said, “The proposal to develop a 4 x 25 MW solar project has been submitted to Government of Bangladesh and the required land agreement has already been signed.”

The company wants to increase its international portfolio to 2 GW by 2022. Chairman, Hindustan Power, Ratul Puri, said, “We have invested close to ₹3,000 crore and the target of 2 GW would entail an investment of ₹10,000 crore.”

Hindustan Power has till now executed over 800 MWp of solar power generation projects. It has executed projects that include the 25-MW solar power plant in Lauta, Germany and Asia’s first 30-MW project in Gujarat. HPL has also commissioned the world’s largest greenhouse rooftop in Sardinia, Italy, among other projects in Germany, Italy, Japan, UK and the US.

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