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MMTC to invest Rs 3.5 billion in wind and solar projects in renewable energy sector

As Panchabuta had reported a few days ago, as part of its diversification plans, India’s largest international trading company under the ministry of commerce and industry, Minerals & Metals Trading Corporation (MMTC) Limited will invest in non-conventional and sustainable energy projects by setting up wind farms in the next couple of years.

The company, which plans to expand its wind farm in Gajendragad in Gadag district, will set up similar projects in Maharashtra and Gujarat. Company officials said the Gajendragad plant can generate a total capacity of 15 MW of power and the target was to generate an additional 50 MW by setting up new wind farm projects.

According to reports, encouraged by it’s successful 15MW pilot project in Karnataka, the company is now looking to invest a total of Rs 350 crore for renewable energy sector. Of this, Rs 200-240 cr will go into setting up 40 new wind energy generators.

The company is evaluating locations in Karnataka, Tamil Nadu and Maharashtra to set up these generators. But it’s not all blowing smoothly.

HS Mann, CMD of the company says,”The main problem is the availability of suitable site. Site availability is now a serious issue. So, we are looking for that and once we are able to find a good site we would like to go up to 50MW immediately”.

But then again, the company is not just betting on the wind.MMTC is also planning to enter the solar energy space by setting up a 10 MW plant in Rajasthan.

Mann explains, “It should be about Rs 120 crore. So we are in touch with Rajasthan government and looking for suitable sites, which is likely to be allotted to us say within the next one-month or so”.

The company is likely to use its cash reserves to fund the proposed investments.

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