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Renewable Energy developer Entegra announces plans to raise Rs.15bn

Entegra claims to be a pioneer in the global arena with an integrated approach to Renewable Energy Development, Solutions, Products and Services harnessing resources such as Water, Wind, Sun and Earth. With a portfolio that spans the entire gamut of renewable energy solutions.

Entegra is one of the first private sector companies to foray into hydro power development in India, way back in 1995, according to the company, though there is not much indication on the installed capacity to date. The 400 MW Maheshwar Hydro Power Project is being developed at Mandaleshwar, in the district of West Nimar, M.P., the company adds. The project is supposed to be a run-of-river of the Narmada river and is supposed to be a 10×40 MW project.

In the area of Solar, the company seems to have installed a number of solar water heating systems some small solar-wind hybrid systems.

As Panchabuta understands, they also have allotments for a 10MW Solar thermal project under the National Solar Mission, migration scheme and a 1MW allotment under the same scheme for a Solar PV project.

Given the euphoria in Solar, it is no wonder that according to a recent announcement, shares of renewable energy developer Entegra spurted by nearly 20% in early trade on the BSE today (March 9’th) as investors cheered the company’s plan to raise Rs 1,500 crore through private placement of shares or a follow-on public offer. Reacting positively to the move, the company’s counter on the Bombay Stock Exchange (BSE) zoomed up by 19.83% to hit the upper limit of Rs 28.40 in early trade.

It seems like it is this kind of euphoric reaction from investors  that is causing for aggressive bidding in the solar mission and the over ambitious announcements by some developers  who are still either building their first few megawatts or just built a couple of megawatts and have already raised significant private equity.

 These developers have announced plans to build 200-300MW of solar projects  in the next two-three years though the national solar mission expects the huge capacity build out to happen in the third phase of the national solar mission.

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