Magenta Power, a Mumbai-based solar power and electric vehicle charging solutions, has bagged the engineering, procurement and construction work for a rooftop solar power project of Hindustan Aeronautics Limited in Bangalore, Karnataka.
The project will be set up in capital expenditure (capex) payment model, under which the system shall be bought and owned by the consumer (HAL). The electricity generated will be used to support the HAL office infrastructure.
The project is to be commissioned within three months.
“It is a proud moment for us to bag this project especially when the country needs an economic revival. We are glad to extend our support towards green energy solutions, and thankful to the Team HAL who made this possible by working remotely, and process back end even in the most difficult Lockdown period,” said Maxson Lewis, Managing Director of Magenta Power.
Capex, the preferred mode
According to consultant Bridge To India, India’s cumulative installed capacity of rooftop solar stood at 5440 MW as on December 31, 2019, with 1534 MW added in the calendar year 2019.
Of the total 5440 MW, commercial and industrial (C&I) rooftops accounted for 3964 MW, residential 748 MW and public sector installations 728 MW.
The capex payment model accounted for the majority (72%)—3917 MW—of rooftop installations.
The remaining 28% (1523 MW) was installed under the operating expenditure (opex) alternative—wherein systems are owned and installed by third-party investors.
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