The board of Indias state-owned power utility NTPC has approved a INR 31 billion ($467.5 million) investment backing the development of 510 MW of new solar PV capacity across two Indian states.
According to a statement on the Bombay Stock Exchange (BSE), NTPC is to give financial backing to the 260 MW Bhadla solar PV project in Rajasthan to the tune of approximately INR 16 billion (235 million), which will comprise four 65 MW individual group-mount installations.
In Madhya Pradesh, a similar amount will be steered towards the construction of five 50 MW solar parks that will comprise the 250 MW Mandsaur Solar PV scheme.
The board of directors approved the financing during a meeting held at the end of last month, and this week confirmed the details of the projects concerned. Both of the large scale solar projects are expected to be commissioned by March 2017 and will significantly boost the utilitys solar PV footprint, which currently stands at around 100 MW.