Excel Realty N Infra foray to enter solar energy segment

Excel Realty N Infra has announced diversification and said that it will focus its business activity into Solar Industry. The company says that India's solar energy sector provides massive opportunities for growth.

Solar energy in India has had a noticeable impact on the energy scenario in the past few years, the company said in its exchange filing, "If we effectively use this energy resource, we can quickly meet the energy requirements of the entire country."

The company will be entering into a joint venture partner with a proposed name of Seven Green Solar Systems, with an expected timeline from November 2022, as per an official statement.

The company is intending to become a beneficiary of the PLI Scheme to boost manufacturing of high- efficiency solar modules. The government had allocated Rs 19,500 crore ($2.57 billion) towards the same.

In July 2021, to encourage rooftop solar (RTS) throughout the country, notably in rural regions, the Ministry of New and Renewable Energy plans to undertake Rooftop Solar Programme Phase II, which aims to install RTS Capacity of 4,000 MW in the residential sector by 2022 with a provision of subsidy.

With the future demand of renewable energy and initiative taken by the Central Government to boost this sector, the company says it is looking forward and willing to explore business opportunities in renewable energy by entering into the business of Solar Segment.