BrightNight, a producer of renewable energy, intends to invest $1 billion in the development of 2 GW of renewable energy capacity in India over the next 4–5 years. The corporation will invest $250 million in equity.
BrightNight is creating hybrid wind-solar projects that make smart use of energy storage and run continuously. The $250 million contribution will be used within three years, according to Sajay KV, CEO of BrightNight Power India.
About 23 GW of pipelines are owned by BrightNight Global, with 3 GW located in the Asia Pacific region, which includes India, Bangladesh, the Philippines, and Australia. According to his estimates, India received a large portion of 2 GW, and construction on 1.2 GW in three states has already begun.
In Maharashtra, the first project will start soon with an estimated investment of Rs 800 crore, of which 75% will come from loans. The 100 MW co-located wind-solar hybrid renewable power project Optima is being set up to provide high-capacity factor power to business and industrial clients. It is expected to be operational early next year, before the wind season.
In Gujarat and Rajasthan, as well as a future 100 MW project in Maharashtra, the corporation has similar hybrid renewable energy plans. According to Sajay, it is in the advanced stages of negotiations with clients looking for power purchase agreements for its forthcoming 100 MW unit that would total close to 300 MW.
It benefits businesses like ours that support purchasing the land rather than just securing a block of it or leasing it from the farmers. He added that some of the most reputable investors in the global energy business support BrightNight. “We actually do the real registration in our name,” he stated.
Once they have a clear 40% ownership stake in the land, the business intends to begin submitting bids for the projects in Gujarat and Rajasthan. We are not simply making a $250 million commitment once; we are here for the long haul. We will raise more equity cash for future pipelines, added Sajay.
