XL Telecom to invest $250 Mn in solar farm

By SiliconIndia   |   Wednesday, 26 December 2007, 08:00 Hrs
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Mumbai: Hyderabad based XL Telecom and Energy said has decided to enter the power generation sector with an investment of $250 million on a solar farm in Spain.

The investment will be made through its wholly owned subsidiary, Saptashva Solar. The company plans to set up a series of solar farms in Spain with a generation capacity of 28 mega watt in the first year.

"The medium term target is to instal close to 200 MW of these farms in Spain and surrounding Portugal alone," said a company statement.

The first solar farm, of 2.3 MW, would come up before March 2008 and the remaining by the end of the year, it added.The project would have a debt-equity ratio of 1:4 and would be mostly funded by local banks, it said. It would also have a 25-year power purchase agreement with the local utility company.

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