According to reports, Solar power developer SunBorne Energy is looking at a topline of $1 billion (Rs 4,500 crore) by 2015-16, as it expects to get several projects from the National Solar Mission programme auctions.
“We are hoping to achieve a topline of around $1 billion by 2016,” SunBorne Executive Director and Chief Financial Officer Anil Nayar said.
“With rising coal prices, there is now a significant thrust on solar power. We see Jawaharlal Nehru National Solar Mission programme (NSM) as a huge opportunity,” he said.
Gurgaon-based SunBorne is promoted by billionaire venture capitalist Vinod Khosla, through his fund Khosla Ventures. Other investors are US venture capital firm General Catalyst Partners and International Finance Corp.
The company has set a target of developing projects of over 1,000 MW in the next 5-7 years, and commissioning over 200 MW plants by 2014.
Apart from NSM, SunBorne is also looking at state-level solar power programmes as potential opportunities. States such as Gujarat, Maharashtra, Karnataka and Rajasthan have already initiated policies to meet renewable energy purchase commitments.
Some state electricity regulators have made it mandatory for all distribution licensees, open-access consumers and captive users to meet a minimum percentage of total consumption through renewable energy purchase obligation (RPO), as a part of the overall government intent of generating more power from non-fossil-based resources.
SunBorne is already developing a 15-MW solar photo-voltaic plant in Gujarat, for which the company has secured a Rs 140 crore loan from State Bank of Patiala, Canara Bank, Exim Bank and State Bank of Travancore.
“Many companies having captive thermal plants will be looking at developing solar projects to meet their RPO commitments. This will be an area we will be concentrating on and we are already in talks with a few companies,” he said.
The company plans a 50:50 capacity in thermal and photo-voltaic. “Going forward, we will also look at opportunities in projects combining thermal and gas,” Nayar added.