Hong Kong-based CLP Group company CLP Power India Pvt Ltd will invest $800 million (over Rs 3,700 crore)to augment its power generation capacity from renewable resources to 650 Mw by the end of this year.
Out of the total target, 346 Mw is under construction, while 104 Mw is operational. The company has also identified locations for building the remaining capacity.
“We hope to take this capacity to 650 Mw by the end of this year,” CLP Power India Vice-President Renewables Mahesh Makhija said, adding that the company would pump in $800 million for the same (about Rs 3,700 crore).
CLP Power has identified locations in Gujarat, Maharashtra, Karnataka and Tamil Nadu for setting up these renewable energy projects.
The projects would be funded through a debt and equity ratio of 70:30. The company is in talks with various banks and financial institutions such as HSBC, IDBI, Power Finance Corp, Asian Development Bank, Bank of Baroda and Punjab National Bank for loans.
CLP Power is in talks with various international companies too for sourcing equipment for the power projects.
“We are talking with two German companies for buying equipment for 200 Mw capacity,” he said.
Out of the 650 Mw, equipment for 350 Mw have been sourced from Germany-based Enercon and from Danish company Vestas for another 100 Mw.
Apart from the company’s renewable energy portfolio, it is also developing a 2x660 Mw thermal power project at Jhajjar in Haryana at an investment of Rs 6,000 crore. The first unit of this project would be commissioned by the end of next year (2011).
“The first 660-Mw unit of Jhajjar project would come up in the second half of 2011,” Makhija said.
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