Prozeal Green Energy, based in Ahmedabad, and Nepalese firm Golyan Power have announced a joint venture to develop solar power projects in Nepal. The agreement was formalized on Tuesday at Golyan Group’s headquarters in Kathmandu, marking a significant step in advancing renewable energy in the Himalayan region.

The joint venture, named Prozeal Green Energy Nepal, was signed by Shobit Rai, Director of Prozeal Green Energy, and Akshay Golyan, Director of Golyan Power. The partnership aims to establish over 500 MW of solar energy capacity across various sites in Nepal over the next 18 months. Prozeal Green Energy will hold a 60% stake in the joint venture, while Golyan Power will retain 40%.

Rai described the agreement as ‘a powerful alliance between Nepal and India’, highlighting the shared goal of leading the global decarbonization movement and setting new standards for clean energy and sustainability in Nepal.

Golyan Power’s Akshay Golyan expressed confidence in the venture, stating, “Nepal is rapidly advancing in the renewable energy sector, and this partnership will create new opportunities for both parties. Our shared vision and the vast potential ahead make this collaboration promising”.

The joint venture will focus on both solar rooftop and ground-mounted photovoltaic (PV) installations. The energy generated from these projects will be sold to the Nepal Electricity Authority (NEA) and various commercial and industrial consumers.

Under the agreement, Prozeal Green Energy will serve as the Engineering, Procurement, and Construction (EPC) development company, bringing its extensive experience in renewable energy. Golyan Power will handle business development, land acquisition, and financing for the initiative.

Source: Silicon India