New Delhi: Russia’s OAO Rosneft, the world’s largest publicly traded oil company, is exploring a huge investment in solar energy in India, in a move that is as much a sign of the company’s interest in the Indian market as it is the potential of solar energy in the country.
“Representatives from Rosneft have met the Indian government officials. They want to set up a capacity ranging between 10,000MW (megawatts) to 20,000MW,” said a government official who spoke on condition of anonymity. At an investment of around Rs.6 crore per MW, a 10,000MW capacity will entail an investment of around Rs.60,000 crore.
Russian energy companies are looking at new investment avenues in the aftermath of the collapse of international crude prices and also to work around the economic sanctions imposed on the country by the US and the European Union. At the same time, India is seeking to expand its energy mix by encouraging more investment in green power.
Rosneft’s interest also stems from India’s plans to install 100,000MW of solar power capacity by 2022. India needs as much as $200 billion to meet its target and the government aims to provide green power at less thanRs.4.50 a unit.