European firm ties up for renewable energy SEZ

New Delhi: A European firm is understood to have committed an investment of 3.71 billion euros (Rs 22,000 crore) in the special economic zone for renewable energy being developed by a Maharashtra government arm with a Central agency near Nagpur.

'We have zeroed in on a firm which will set up a major unit for annual production of 20,000 tons Polysilicon, a key component for solar panel construction,' Renewable Energy Minister Vilas Muttemwar said. However, he did not divulge the name of the company which would bring in a major investment in the tax-free enclave.

The SEZ for renewable energy is being developed by the Maharastra Industrial Development Corporation and Indian Renewable Energy Development Agency.

The state government has already issued a notification for acquisition of 2,000 hectares. Muttemwar said he did not foresee any problem over land acquisition.

The government has been giving a thrust to non-conventional energy sources, including wind and solar power. Various tax benefits have been given to investment in the renewable energy area in a country blessed with large wind and solar resources.

India has also emerged a major supplier of equipment for wind power. Suzlon Energy Ltd, listed on London Stock Exchange besides Indian bourses, has become a global supplier of wind power equipment.