Borg Energy, a solar power solutions provider and a subsidiary of US-based Borg Inc, on Friday announced plans to invest $ 45 million (Rs. 279 crore) in India on projects including a rural electrification programme during 2014.
The company, which entered the country last year, is in advanced discussions with some North India States for a rural electrification programme. This project is expected to cost about $25 million, Borg Energy India's Managing Director (Asia Pacific) Boaz Augustin Jr. told reporters here.
The company said it was also looking to invest $20 million for various engineering, procurement and construction (EPC) projects. It said in the long term, plans are on the anvil to set up an R&D plant in the country. The company has introduced smart grid technology-based micro solar power plants in the North Indian market. These plants have the potential to save up to 60 per cent of household power bills, the firm said.