SEOUL, January 27 (AJP) - South Korea's GS Engineering & Construction has entered India’s renewable energy market, completing a solar power project in Maharashtra state and beginning full commercial operations.
The company said on Tuesday the Patur solar power complex has an installed capacity of 12.75 megawatt-peak (MWp) and is expected to generate between 18 million and 20 million kilowatt-hours of electricity annually, enough to supply power to about 6,000 households for a year.
GS E&C said the project would reduce carbon dioxide emissions by about 8,000 tons a year compared with fossil-fuel power generation.
The South Korean builder participated in the project as a developer, overseeing construction and operating the facility to sell electricity directly and generate revenue.
Under a long-term agreement, GS E&C will supply about 13.9 gigawatt-hours (GWh) of electricity a year — roughly 69 percent of the project’s total output — to Iljin Global India for the next 25 years. The remaining power will be sold to a local Indian real estate developer.
The project uses an “open access captive” model, which allows industrial users to procure electricity directly through India’s transmission and distribution network. GS E&C said rising electricity prices in India are driving demand for renewable energy sources such as solar and wind, and it expects the market for the model to expand.
GS E&C said it established an India renewable energy development corporation in 2023 as part of preparations to enter the market.
The company plans to strengthen its position as a renewable energy developer in India and expand its portfolio beyond solar into wind power, GS officials said. The company will initially focus on working with South Korean companies operating in India before gradually diversifying its customer base, they added.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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