Cemtrex discusses 100-MW solar plan with Indian state agencies

September 1 – US industrial and manufacturing company Cemtrex Inc (NASDAQ:CETX) said on Tuesday it has plans to build a 100-MW solar power facility in India as part of its expansion into the renewable energy sector.

The company is currently holding preliminary talks with a number of domestic state agencies that provide incentives to independent developers for the procurement of energy in a phased manner over a 25-year period. In order to build the 100-MW solar park, Cemtrex will establish a wholly-owned subsidiary in India, it said.

“The ‘Make in India’ initiative of the Indian government provides a perfect incentive for us to take advantage of lucrative opportunities in this emerging market,” said Saagar Govil, chairman and CEO of Cemtrex.

India has set a goal to reach 175 GW of solar photovoltaic (PV), wind and biomass power capacity by 2022.

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