“Turbines have the longest lead time among the components needed so we’ve ordered them already,” V. Saibaba, chief executive officer of the unit, said today in an interview in Singapore.
Axis Bank Ltd. (AXSB) is part of a group of about eight lenders that has agreed to finance the project, he said.
Lanco, based in Hyderabad, won one of seven solar-thermal projects that were awarded through a national auction last December and will be the country’s biggest sun-powered plants when completed in 2013. Solar thermal technology uses sunlight to heat liquids that produce steam for generators.
Lanco is using parabolic trough technology from Initec Energia SA for the plant, Saibaba said in a May interview.
To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com