Bhubaneswar: Kolkata- basted  Topaz Solar is going to set up a 500 MW solar module plant in the state with an investment of Rs 240 crore. The Odisha government has cleared the project which is going to located in a SEZ classified zone near Cuttack.

Topaz has entered into strategicc partnerships with French, German and Polish firms for setting up the plant in the state.

While the promoters will bring in Rs 80 crore as equity, Rs 160 crore would be raised through debt.

According to Topaz Solar chairman Ganesh Natarajan Rs 180 crore out of the Rs 240 crore will be invested in plant and machinery. The company proposes to set up a 700 MW module in the second phase, which will take the total solar module-cum-cell production capacity of the Odisha plant to 1,200 MW in the final stage.