Spanish engineering and renewables company, Gestamp intends to set up a 100 MW solar photovoltaic project in Tamil Nadu.
The 100-MW solar photovoltaic project will come into phases. Southern Solar, a joint venture of Gestamp and the Chennai-based Zynergy group, will set up the Phase I of 25 MW by March 2013. In the JV company Gestamp holds 70 per cent stake. The JV company has acquired 500 acre in Madurai and Ramnad districts of state for the proposed plan. It has already signed MoUs with potential buyers for selling power from 10 MW and is in the process of entering into PPAs with them.