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Canadian solar power firm SkyPower Global, which has won projects to develop 350 MW capacity in the country, is scouting for local partners and has hired investment banker Greenstone Energy Advisors to help its search.
"In every single market we are in today, we have entered after choosing a local partner. India is the only exception," SkyPower CEO Kerry Adler told ET in an exclusive interview. "But here too we are now looking for a partner not to fund our activities, but to provide us local expertise and augment our abilities," he said. SkyPower won seven projects in India last year - three in Madhya Pradesh (150 MW) and four in Telangana (200 MW).
Greenstone focuses exclusively on India's renewable energy sector, helping developers raise finances. "We were approached by a dozen groups and we were so overwhelmed that we hired Greenstone to act as our interface with the interested parties and filter, on behalf of the company, the offers that make sense and the ones that don't," said Adler.
"But we have not selected a partner yet." He said the company hopes to set up 18,000 MW of solar capacity in India in the next six years. "India is a new market where the government is putting together policies and programmes that will encourage foreign investors and simultaneously create a marketplace for renewable energy."
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