Techno Electric and Engineering Company in May this year had mentioned that they would install 200 megawatt of operating wind assets this June and announced plans to add 100 megawatts a year.
Panchabuta had mentioned in February that Kolkata-based Techno Electric and Engineering Company was in talks with IFC, Standard Chartered Bank and DBS Bank for raising 750 crore of debt to part-finance its 200 mw wind power project in Tamil Nadu.
The company had plans to invest about 1,150 crore in the wind power project in two phases. The first phase would include a 125 mw capacity and is expected to be commissioned by June 2011 in Tamil Nadu.
The second phase will include a 75 mw project. It will be commissioned by March next year.
We had mentioned in March that International Finance Corporation (IFC), the investment arm of the World Bank, is planning to set up $55 million debt-equity investment (about Rs 248 crore) in Simran Wind Project, the clean energy arm of Kolkata-based listed firm Techno Electric and Engineering Company.
According to reports, the company has announced plans to invest more in Renewable energy basis with a vision to own at least 1250 mw capacity by end of Twelfth Plan. Among all renewable energy sources, wind energy is making a significant contribution to the grid-power installed capacity of India, and is emerging as a competitive option. Further, the capital cost is comparable with conventional power plant and with the Generation-based incentive and Renewable energy certificate policies in place the investment in these projects has become more viable the company said.
Mr. P.P. Gupta, Managing Director, Techno Electric & Engineering Co. Ltd, further added, that at present they have an installed capacity of 95.45 MW located in the states of Tamil Nadu and Karnataka and plan a further addition of 200 MW during the year FY 2011-12 out of which the first phase of 100 MW would be commissioned by May/June/11 and the balance 100 MW by March’12. The investment is around Rs. 11.50bn. The type of projects we undertake normally takes a time frame of 18 to 24 months, he added.