Triton Solar to set up manufacturing facility in Karnataka, India
US-based Triton Solar will invest $100m to open a facility in Karnataka, India to manufacture nanotech-powered solar panels for renewable energy industry.
The company recently signed an agreement with the state's additional chief secretary Ratna Prabha in New York.
Karnataka's Industries Minister R V Deshpande was quoted by The Economic Times as saying: "Renewable energy is a high potential area for Karnataka."
This investment is expected to create 250 jobs in the state.
The company earlier this year announced that it would invest Rs 6bn ($89m) in setting up a manufacturing facility in the Indian state of Madhya Pradesh, which is expected to commence production in August 2016.
In August, the state government had announced its plans to generate over 1,000MW of solar power in the next few years, in line with the Union government's decision to increase the solar capacity, from 3.7GW to 60GW by 2022.
Last week, the Asian Development Bank (ADB) announced that it will provide close to $1bn in financing to Power Grid Corporation of India (Powergrid) for renewable energy transmission and grid expansion in the country.
Of the total funding, $500m will be offered in the form of government-backed loan and the remaining $500m in nonsovereign lending.
This month, Welspun Renewables commissioned a 126MW wind farm in the Indian state of Rajasthan which was built at a cost of around Rs8.4bn ($125.8m).
The Pratapgarh wind farm was claimed to be capable of generating about 290 million units of clean energy per year, enough to meet the power needs of 7,25,760 households.
The wind farm, which was claimed to be the largest wind project in the company's portfolio, is estimated to reduce 2,11,922 tons of carbon emissions.
Image: The Karnataka government aims to generate 1,000MW of solar power in the next few years. Photo courtesy of Piyachok Thawornmat/ FreeDigitalPhotos.