After committing itself to investing Rs 25,000 crore along with Adani Enterprises in Gujarat, US-based SunEdison on 13-01-2015 announced signing of a memorandum of understanding with the Karnataka government for developing 5-Gw renewable energy utilities over five years.
The electricity generated by these projects will be cost-competitive with coal-produced electricity, without subsidies or incentives, and will ease the power deficit that Karnataka currently faces.
"Karnataka's comprehensive energy policy paves the way for socially and environmentally responsible economic growth and prosperity, by addressing the energy needs of utility customers, distributed generation customers, and farmers who can benefit from solar water pumps for irrigation," said SunEdison President (Asia-Pacific) Pashupathy Gopalan.
The state government will explore with SunEdison the options for suitable government land on which to construct the projects and will facilitate construction of infrastructure required to connect the projects to the grid. The agreement includes details of an immediate plan to implement a capacity between 1,000 Mw and 1,500 Mw before December 31, 2016.
Source- Business standard