Borg Energy to invest $45 mn in India
New Delhi: Borg Energy, a solar power solutions provider, plans to invest USD 45 million (Rs 279 crore) in India on projects including a rural electrification programme.
The investments are likely to be made in next six months.
The company, which entered the country last year, is in advanced discussions with some states in North India for a rural electrification programme. This project is expected to cost about USD 25 million, Borg Energy India's Managing Director (Asia Pacific) Boaz Augustin Jr. Said here today.
It is also looking to invest USD 20 million for various EPC (Engineering, Procurement and Construction) projects, he said, adding that in the long term, plans are on the anvil to set up an R&D plant in the country.
Borg Energy India is a subsidiary of US-based Borg Inc.
The company has introduced smart grid technology-based micro solar power plants in the North Indian market.
These plants have the potential to save up to 60 percent of household power bills, the firm said.