Home » Other » NSL Group bags 400-MW wind project in Chile for $ 650 mn

NSL Group bags 400-MW wind project in Chile for $ 650 mn

According to reports yesterday,  FE Clean Energy Group , a Connecticut-based PE firm will be investing USD 40 million in NSL Renewable Power Private Limited (NRPPL), part of city(Hyderabad)- based NSL Group.

NRPPL will use the funds to meet equity commitments for its various wind, hydro and solar power projects being developed in various parts of the country, a statement from NSL said.

Yesterday Bloomberg had reported, NSL Group, the parent of India’s fifth-largest wind-turbine maker, is close to buying a wind project in Chile for $50 million, the Economic Times reported, citing people it didn’t identify.

According to reports in Economic Times today, the NSL Group, a Rs 3,500 crore diversified business conglomerate based in the city, has acquired developmental rights to set-up a 400-MW wind power project in Chile, according to NSL Group (NSL) Chairman Mandava Prabhakar Rao .

Prabhakar Rao said the investment outlay for the entire project is expected to be around $ 650 million.

“We have acquired this 400-MW project in Chile during the search for global opportunities in wind power generation. Chile’s excellent investment climate and economic stability and favorable policies toward renewable power made it a favourable investment destination for the group to and it would act as a springboard to capitalise on the opportunities in Latin America,” Rao told PTI.

The NSL Group’s overseas subsidiary, which acquired development rights to set up the project, is expected to complete the project in three years, Rao said.
Currently, the NSL Group has about 162 MW of installed renewable power capacity in its portfolio, comprising 150 MW of wind power, including 50 MW that is expected to be commissioned later this month and two bio-mass plants of 6 MW each.

In addition, the company has two medium scale wind projects of 100 MW and 44 MW capacity, respectively, besides two small scale units of 5 MW and 6 MW capacity under development.

Going further, the NSL plans to develop seven wind power projects with a cumulative capacity of over 700 MW, which are in various stages of conceptualisation and development, Rao explained.

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