Hyderabad, Mar 11: Goldstone Infratech (formerly Goldstone Teleservices) is planning to sett up a 5 Mw solar power plant with an investment of Rs 120 crore.

It is also in the process of setting up a 40Mw photo voltaic modules facility within its composite compounds manufacturing plant at Charlapalli on the outskirts of Hyderabad.

"We are looking for 20 acre land around Hyderabad for the solar power plant. The project requires an investment of Rs 120 crore with an equity-debt mix of Rs 30 crore and Rs 90 crore, respectively. We expect the project to be up and running by March-April 2009," said P Sashikumar, managing director, Goldstone Infratech.

With the global market for photovoltaic modules extremely positive, and the Indian government giving significant importance to renewable sources of energy by extending incentives, Sashikumar said the time was ripe to enter the space via solar power generation.

"We are negotiating with a couple of European and US solar energy developers for setting up a 40Mw photovoltaic modules plant on a turnkey basis. The project, entailing an investment of Rs 35 crore, would be executed in two phases," Sashikumar said.