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Green Power Company Bhoruka Power plans IPO next fiscal

According to reports, mid-sized Bhoruka Power Corporation Ltd (BPCL), a green energy company, is planning an IPO next fiscal.

The company wants to raise up to Rs 400 crore as additional equity.

Bhoruka has the licence to add 150 MW to its wind power module and is planning projects for about Rs 1,300 crore, including wind power projects, a 5-MW photovoltaic solar power project in North Karnataka and a 10-MW, biomass-based power project in South Karnataka.

BPCL is also looking at buying hydel power plants in Himachal Pradesh and Karnataka. “We are also scouting for hydro projects in Sri Lanka and the Philippines” where the company has its subsidiaries, BPCL managing director, Mr S. Chandrashekar, told Business Line.

Work on the solar power project will start after Karnataka announces solar policy, he added. “We want to be an integrated renewable energy company.”

The company has power plants with an installed capacity of 125 MW out of which 110 MW comes from hydel power plants. BPCL is now setting up a 18-MW hydel power plant in Dakshina Kannada. The plant will be commissioned in March 2013. The company also proposes to set up a 15-MW hydel power plant at Gulbarga.

Bhoruka Power is increasing its wind power generation by adding to its 15-MW capacity two wind farms at Gadag district in Karnataka. BPCL is also planning to increase its green energy capacity to 300 MW by 2013 and to 500 MW by 2015.

The Rs 122-crore company hopes to achieve a turnover of Rs 147 crore during 2011-12, Mr Chandrashekar said.

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