Prozeal Green Energy and Golyan Power Launch Joint Venture for Solar Projects in Nepal
Prozeal Green Energy from Ahmedabad and Nepal’s Golyan Power have signed a joint venture agreement to initiate solar power projects in Nepal. The agreement, formalized on Tuesday at Golyan Group’s headquarters in Kathmandu, marks a major milestone in their commitment to advancing renewable energy in the 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 collaboration aims to develop over 500 MW of solar energy capacity across several locations in Nepal within the next 18 months. Prozeal Green Energy will hold a 60% stake, while Golyan Power will own 40%.
Rai described the partnership as 'a strong alliance between Nepal and India', aiming to drive global decarbonization efforts and set new standards for clean energy and sustainability in Nepal.
Akshay Golyan of Golyan Power expressed optimism about the joint venture, noting, "Nepal is progressing quickly in the renewable energy sector, and this collaboration will unlock new opportunities for both parties. Our shared vision and the immense potential make this partnership very promising".
The joint venture will focus on developing both solar rooftop and ground-mounted photovoltaic (PV) systems. The electricity generated will be sold to the Nepal Electricity Authority (NEA) as well as various commercial and industrial clients.
According to the agreement, Prozeal Green Energy will take on the role of Engineering, Procurement, and Construction (EPC) developer, utilizing its extensive expertise in renewable energy. Meanwhile, Golyan Power will concentrate on business development, land acquisition, and securing financing for the projects.