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OPG’s solar power investment just the ‘beginning’

Published: 10:32 06 Jul 2016 BST

Indian power utility OPG Power Ventures PLC (LON:OPG) expects a fast payback from US$45mln it has just invested into four solar power projects in India.

The sites, in the heavily industrialised Karnataka State, should be up and running and generating cash by this time next year says strategy director Ajay Paliwal.

Funding will be a combination of debt and cash flow from its existing 750Mw of coal-powered stations, but with the profile of India’s power strategy changing towards renewables it makes sense for OPG also to change tack, he said.

India's government has a target of 100Gw of energy from renewables, so more solar deals could follow he says.

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