Ahmedabad-based Prozeal Green Energy and Nepalese firm Golyan Power have inked a joint venture agreement for setting up solar power projects in the Himalayan nation.
The agreement was signed on Tuesday at Golyan Group headquarters in Kathmandu, marking a significant milestone in both companies' commitment to advancing renewable energy solutions, a statement said.
The agreement was signed by Shobit Rai, Director of Prozeal Green Energy, and Akshay Golyan, Director of Golyan Power.
The partnership underscores a shared vision to contribute meaningfully to a cleaner and greener future for Nepal.
The joint venture -- Prozeal Green Energy Nepal -- aims to establish over 500 MW of solar energy projects across multiple locations in Nepal over the next 18 months. Prozeal Green Energy will hold a 60 per cent stake in the JV and Golyan Group will own the remaining 40 per cent.
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Rai said this joint venture represents "a powerful alliance between Nepal and India, uniting our expertise to lead the global decarbonisation movement. Together, we're setting new benchmarks for clean energy and sustainability in Nepal".
Golyan Power director Akshay Golyan said, "Nepal is growing rapidly in the renewable energy sector and I am confident that this partnership will open up new avenues for both entities. We have come together through our shared vision and the massive possibilities ahead."
The joint venture will develop both solar rooftop and ground-mounted photovoltaic (PV) solar plants.
The energy produced from these projects will be sold to the Nepal Electricity Authority (NEA) and various commercial and industrial consumers.
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As per the agreement, Prozeal Green Energy will lead as the EPC (Engineering, Procurement, and Construction) development company, leveraging its extensive expertise in the renewable energy sector, while Golyan Group will focus on business development, land acquisition and financing.
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