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M&B Switchgears Ltd has sewn up plans to set up a 20 MW solar photovoltaic power plant near Indore in Madhya Pradesh.
"We will invest about Rs 250 crore in the project with a 70:30 debt-equity ratio. We have chosen the project site which is adjacent to the existing project and expect to achieve financial closure within two months," Mr Vikalp Mundra, Director of M and B Switchgears, said.
Listed on the BSE, M and B is a manufacture of distribution and power transformers.
"The project to be based on renewable energy certificate (REC) mechanism will be implemented before March 2013," he told Business Line last week after their company began trading in RECs at two power exchanges.
"We have set up a 2 MW grid-connected solar power project at Rajgarh district in MP. This project is expected to generate close to 32 lakh units of electricity per annum. By trading these through the RECs we expect to generate revenue of about Rs. 4 crore," he said.
This is in addition to energy sale cost.
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