Top officials of the Adani Group will visit the city next week to sign an agreement with the Tamil Nadu government to set up a 700-MW solar power plant in Ramanathapuram, according to company sources and the Tamil Nadu government.

“The investment will be around Rs.5,000 crore and the plant will be commissioned by February 2016,” the sources told The Hindu on Monday.

“We are in the process of completing formalities for executing a Power Purchase Agreement (PPA),” the sources said.

State government sources confirmed the development adding that the PPA for the 700 MW is expected to be signed during the last week of June or the first week of July. It is not immediately clear if the group founder Gautam Adani will be present for signing the project.

The process of land acquisition was nearing completion and the group would begin work on the plant in July, the sources said, adding the company will fund the project through a mix of internal accruals and debt.

The tariff had been fixed at Rs.7.01 per unit for a period of 25 years, the sources said.

Last year, Adani Group’s Adani Ports and Special Economic Zone won a bid to develop the Ennore Port Container Terminal at a cost of Rs 1,270 crore.

The group has set a target of achieving 10,000 MW of solar power by 2022 and setting up this power project is in line with achieving this target, a statement from the company said.