Hindustan Zinc Ltd (HZL) today said it is foraying into solar energy business and will set up 115 MW of solar energy projects with an investment of Rs 630 crore.
The company led by billionaire Anil Agarwal already produces 474 MW of thermal power and 274 MW of wind energy. “Hindustan Zinc has been working progressively towards setting up 115 MW of solar energy projects with an investment of Rs 630 crore,” HZL CEO Sunil Duggal told. He said that in the first phase, the company will set-up 15 MW solar energy projects which would require an investment of Rs 80 crore and are likely to be commissioned by March 2017. The second phase would be of 100 MW requiring an investment of Rs 550 crore, which is likely to be commissioned by September 2017. The average cost of setting up 1 MW of solar energy plant is about Rs 5.50 crore, Duggal said.