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ReNew Wind plans Rs 60 billion investment in 2 years

According to reports, Independent renewable energy producer ReNew Wind Power Pvt Ltd plans to invest around Rs 6,000 crore on development of 1,000 MW of wind power in the next couple of years in the country. It commissioned its first wind farm project of 25.2 megawatt (MW) at Jasdan in Rajkot district of Gujarat on Sunday.

“We are working on 15 projects aggregating 1,000 MW of wind power in States like Rajasthan, Karnataka, Tamil Nadu and Maharashtra as well,” Mr Sumant Sinha, Founder Chairman and CEO, ReNew Wind Power, told Business Line on Monday.

Currently, the per megawatt cost of installation of wind power equipment is Rs 6 crore while per unit of electricity would cost, on an average, Rs 4.50 to the customer, which is far cheaper than solar energy at Rs 8 to Rs 9 an unit (kilowatt hour), he said.

Global major Goldman Sachs had infused Rs 1,000 crore as equity in September last year into the company, which invested Rs 140 crore on the Jasdan project. The PTC India Financial Services Ltd (PFC), promoted by PTC India LTD as an investment vehicle, financed the Jasdan project in a 70:30 debt-equity ratio, he added.

The Chief Minister, Mr Narendra Modi, inaugurated the facility, which comprises 12 units of Suzlon S88 wind turbines with 2.1 MW capacity each. It is selling its output under a under long-term power purchasing agreement contract to Gujarat Urja Vikas Nigam Ltd (23.1 MW), and the remaining output to Philips India (2.1 MW).

Mr Tulsi Tanti, Chairman, Suzlon Group, the world’s fifth leading and India’s largest wind turbine manufacturer, said his company is partnering with ReNew Wind Power.

Apart from Suzlon, ReNew Power is working closely with key players such as Regen, Gamesa, Vestas and Enercon India. The Jasdan wind farm is also expected to qualify as a Clean Development Mechanism project under the Kyoto Protocol, which will add to the financial viability of the project, Mr Sinha said.

ReNew is also exploring the opportunity of diversifying into alternative energy sources such as biomass and hydroelectricity apart from solar and wind power in the coming years.

Currently, India generates 3,000 MW of wind power.

One comment

  1. Ashutosh Singh

    With such elaborate growth plans, it does’t seem that Renew power is effected by withdrawal of AD.

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