India Property Developer Plans 100-Megawatt Solar Project

Aug 04, 2014 1:54 am ET

Aug. 4 (Bloomberg) -- D.S. Kulkarni Developers Ltd., an Indian real-estate company, plans to build 100 megawatts of solar capacity by 2019 to lock in rising electricity costs.

The Pune-based company will invest 9 billion rupees ($148 million) in the project, which will be built in Neemuch in central Madhya Pradesh state, Chairman and Managing Director D.S. Kulkarni said by phone today from Delhi.

Kulkarni expects to generate electricity at about 5.5 rupees a kilowatt-hour on average during the 25-year lifetime of the project. That’s as little as half the commercial power tariff that the property developer pays now.

The company has acquired 125 acres (505,857 square meters) of land and will begin construction on the first 24-megawatts this year, he said.

--With assistance from Natalie Obiko Pearson in New Delhi.