Prozeal Green Energy, India’s largest solar company, has officially started operations in Nepal with a focus on renewable energy development.

The initiative was launched during the Prozeal Green Energy Summit held in Kathmandu on Wednesday.

In Nepal, Prozeal Green Energy Nepal will operate as a joint venture between Prozeal Green Energy and Goyal Power.

The company aims to establish solar energy projects generating over 500 MW within the next 24 months at various locations across the country.

Prozeal Green Energy Nepal expressed its commitment to leading the nation toward clean energy and transforming Nepal’s renewable energy landscape.

According to Akshay Goyal, Chair of Goyal Group, Prozil Green Energy will leverage its expertise in engineering, procurement, and construction to drive renewable energy projects.

He also mentioned that Prozeal Green Energy will collaborate with the Nepal Electricity Authority under a PPA agreement for 960 MW of solar power production. The company plans to build solar energy projects for industries, with an agreement to develop 200 MW already finalized.

One notable project is a 9 MW rooftop solar installation for Reliance Spinning Mills.

Pravin Aryal, Director of Prozeal Green Energy Nepal, highlighted the partnership’s commitment to promoting renewable energy and sustainability in Nepal. The collaboration aims to meet the country’s growing energy demands and facilitate economic growth through world-class energy solutions.

Ganesh Karki, Chair of the Independent Power Producers’ Association of Nepal (IPPAN), emphasized the need for a clearer policy on solar energy.

He mentioned that Nepal could potentially produce 1,000 MW of energy annually if the government provided a conducive environment for the private sector.

He further noted that increasing domestic energy production could reduce Nepal’s reliance on imported electricity. However, he expressed concerns over certain provisions in the draft Electricity Bill, such as the reduced license duration from 50 to 35 years, deeming it inappropriate.

Prozeal Green Energy Nepal plans to accelerate solar energy adoption in Nepal through rooftop solar installations and ground-mounted photovoltaic solar plants, contributing significantly to the nation’s renewable energy capacity.