January 14, 2015: Convalt Energy, the US based company with Indian operations, has unveiled its plans to set up 1000MW of solar plants in Karnataka. The company will be setting up pumped-storage hydro project along with the solar plant, which will function as an energy storage instrument.
The projects will be set up under the memorandum of understanding (MoU) signed between the company and the government of Karnataka at the recently held Vibrant Gujarat Summit. Convalt will invest nearly Rs 62 million in the projects.
The company has already started working towards the setting up projects by looking in to the issues like land and will be finalising the buyers of the power generated over a period of 2-3 months. Moreover, the construction of the projects will begin in 2016 and the 1000MW aim will be achieved over a time period of three years.
Convalt plans to sell power to both state owned electricity distribution companies and private sector consumers.