US company, BrightNight Power, which is gearing up to commissioning its first, Rs 800-crore, 100 MW wind-solar hybrid project, has ambitions to build and own 7 GW of renewable energy assets in five years, said the company’s global CEO, Martin Hermann.
The company expects to invest a billion dollars in India over the next five years.
The wind turbine manufacturer, Suzlon, announced its deal with BrightNight India for the supply of 29 MW of turbines. The machines are for the wind part of the 100 MW project, which is coming up at Narangwadi, Maharashtra.
“I have been observing the Indian market for a very, very long time, and I can tell you that India has always delivered on its promises,” Hermann said, adding that the country gave foreign investors “fair and transparent” access to market.
Accordingly, BrightNight plans to build 1 GW in three years, 7 GW in five years. Of this, 1.2 GW will be developed through a joint venture with ACEN Renewables International, part of the Ayala group of the Philippines.
A proprietary software enables BrightNight, which has 23GW of project pipeline globally, to guarantee its customers 80 per cent replacement of grid power with renewable energy.
Even as the Naragwadi plant is being built, the company has lined up about six customers for supply of electricity from 53 MW of capacity, power purchase agreements (PPAs) with whom would be signed next quarter.
