Convalt Energy, a US based company founded in 2010, will be going ahead with 1000MW solar plant with pumped-storage hydro unit. The company is promoted by Indian American Hari Achutan.
The company during vibrant Gujarat summit signed a memorandum of understanding with Karnataka. The initial work is expected to get started within 2-3 months involving land selection and power purchase agreements. Actual construction will be started by 2016 and would be completed in three years time frame. Target customers can be state owned utilities as well as private sector companies. They are said to be in touch with some IT firms in Bengaluru to sell power.