BrightNight To Invest $1 Bn In India On Green Energy

Renewable power producer BrightNight will develop 2 gigawatt (GW) of renewable energy capacity plants in India in the next 4-5 years, according to a media report on Tuesday.

The power plant will require an estimated total investment of USD 1 billion and the company will deploy a total of USD 250 million of equity capital.

Commenting on the project Sajay K V, CEO of BrightNight Power India said, our company is developing hybrid wind-solar projects with a calibrated use of energy storage that will operate around the clock. The USD 250 million commitment will be deployed in three years.

He said that the first project will start in Maharashtra at an investment of about Rs 800 crore, 75 per cent of which will be a debt component. 

The CEO emphasised that the Maharashtra project is the first of its kind with a hybrid facility to replace 80 per cent of the grid power saving up to 25 per cent on energy bills annually.

He added that their proprietary software Power Alpha is supposed to design the best Levelised Cost of Energy (LCOE) for the consumers.

K V stressed the company is also planning to develop similar plans in hybrid renewable power projects in Gujarat and Rajasthan, and another 100 MW in Maharashtra later.

BrightNight Global is a major renewable energy producer across the world with around 23 GW of the pipeline, of which 3 GW is in Asia Pacific - India, Bangladesh, Philippines and Australia.