Indian solar firm Jakson Group plans $3 billion move into power generation

Indian solar module maker Jakson Group plans to diversify into power generation, seeking to benefit from the country’s clean energy boom.
Jakson, based on the outskirts of New Delhi, plans to have 5 gigawatts of power capacity by 2030, Chairman Sameer Gupta said in an interview. The generation plan is expected to cost 250 billion rupees ($3 billion), he said.

The company manufactures modules and executes turnkey contracts to build renewable energy projects, and the move into power generation will help it tap the entire value chain of the business, Gupta said.

The firm is counting on India’s ambitious plan to install 500 gigawatts of clean energy capacity by 2030. While the push has drawn interest from overseas energy giants and local billionaires including Gautam Adani and Mukesh Ambani, the pace of installations has fallen well short of that target, and the government has drawn up a plan to more than triple project auctions.

“We want to be a part of this expansion,” Gupta said. The company has the execution and design capability to tap the generation market, he said.