According to reports, Moser Baer Clean Energy Limited (MBCEL) solar power generation arm of Moser Baer Projects Pvt Ltd (MBPPL) is looking to set up 200 megawatt (Mw) solar power capacities in India in next one year with 95 Mw to be set up in Gujarat.
MBPPL has laid out ambitious plans to make heavy investments in clean energy vertical of its operations as it intends to set up nearly 1500 Mw of solar power generation capacities in India by 2015.
The company is considering to enter capital markets to raise funds for the solar power projects. “We may list one of our individual businesses in a period of next three years to meet our funding requirements. However, the quantum of funds is not yet finalised,” said Ratul Puri, chairman, Moser Baer Projects.
The company will also arrange finances through incremental finances from debts and received cash back from the operational projects.
“Currently, we are working towards commissioning 300 MWs of solar projects over the next 12 months in countries including India, Germany, Italy and UK. Of these, about 200 Mw of capacities will come up in India at places like Rajasthan, Gujarat and Karnataka. However, our presence will be pan-India but since Gujarat has higher sunlight radiation than other states in the country, we will have about 95 Mw of capacities in the state,” said Ratul Puri, chairman, Moser Baer Projects.
Preliminary estimates suggest that initially, the company would require an investment of Rs 3,000 crore over a period of one year to set up 200 Mw of solar power capacities in India, considering the required investment of Rs 15 crore for every megawatt of solar power generation capacity.
Puri mentioned that India’s day-time peak power demand may be met through solar power as it generates maximum power in presence of the sun during the day.
“Currently, India’s per capita power consumption is very low at about 600 units per annum against developed countries like the US where it is 15,000 units per annum. Over the next decade, energy demand from India and China will rise substantially, making the conventional sources of power generation scarce. At this time, solar or nuclear energy will be the key to meet the rising energy demand, ” said Puri.
Moser Baer Projects has operations in conventional and non-conventional sources of energy including thermal, hydel and solar verticals. It offers solutions including power generation, power trading and engineering procurement commissioning. The company plans to commission 5000 MW of thermal, 500 MW of solar and 520 MW of hydro to emerge as a leading player in India’s energy sector.