Industry

GS E&C invests in an Indian solar project and gets 49%

GS Engineering & Construction will participate in a state project in India to construct and operate a solar power plant in the state of Rajasthan, northern India.

Led by India’s New and Renewable Energy Ministry, the $185 million project is aimed at building a 300-megawatt solar power plant on 600 hectares. Energy production is scheduled to start in April 2021.

GS invested a total of $23.5 million to acquire a 49-percent stake in the Solar Energy Corporation of India, which is a company established by the New and Renewable Energy Ministry for the solar power plant project.

GS will become an independent power producer, which means it will be a private partner in the state-funded project to construct and operate the power plant for a certain period of time. The company signed a similar deal in Ukraine earlier this year.

By Song Kyoung-son