NEW DELHI -- Dubai-based private equity firm Abraaj Group and India's Aditya Birla Group have agreed to invest jointly in building and operating new solar power plants in India, Abraaj said in a statement on Wednesday.
The firms are the latest companies to plan solar investments in India ahead of an expected boom in clean energy projects after New Delhi hiked its solar energy target to 100 gigawatts by 2022, a 33-fold rise from current levels.
Abraaj and Aditya Birla will build a gigawatt scale platform that will bid for new solar projects tendered at national and state auctions, Abraaj said in the statement.
Abraaj will invest through one of its funds and Aditya Birla, a large Indian conglomerate, will invest through Aditya Birla Nuvo Limited. The companies did not detail the size of the planned investment.