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Gujarat State to Invest $2.3 Billion in Solar Park

India’s Gujarat state plans to invest more than 105 billion rupees ($2.3 billion) to build Asia’s first solar park providing infrastructure for 500 megawatts of plants that produce power from the sun.

Chief Minister Narendra Modi will inaugurate the park today, according to an advertisement in the Economic Times.

The 2,000-hectare park at Charanka village will lease plots on 30-year contracts to companies and provide water, electricity, roads and power transmission services to the projects, according to a statement on the Gujarat government’s website.

“All the resources needed to produce electricity will be provided to the producer on the site ensuring a saving of time and money both for government and the energy-producers,” the statement said.

The park, which expects to get 330 sunny days a year may help create an additional 750 billion rupees of investment in Gujarat by creating jobs in solar panel cleaning, assembling, electrical wiring and other works, according to the statement.

The power produced at the site will be sold to the Gujarat government, which has agreed to buy as much as 933 megawatts, including new capacity, it said.

The Asian Development Bank may provide loans to the park, Naoki Sakai, a senior climate change official from the bank, said on Dec. 22.

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