According to reports, Coimbatore-based Chennai Silks Group ha made its foray into solar energy sector, commissioning its first 2 MW captive solar power plant here in Tirupur district, about 80 KMs from Coimbatore.
The Rs 16 crore plant, executed by Tata Power Solar (TPS) in a ‘record time’ of three months, was expected to generate 3.1 Million Units of electricity in the first year of operation, Group Managing Director, N K Nandagopal told reporters here.
The plant, inaugurated by Forest Minister M S M Anandan, would work under the Renewable Energy Certificate (REC) mechanism and the group would share the energy generated with Tamil Nadu Generation and Distribution Corporation (TANGEDCO) and in return will get an equivalent quantity of uninterrupted electricity supply to its textile unit situated at a distance from this plant, he said.
An additional income of about Rs 3 to Rs.3.72 crore through trading of REC was expected besides Rs.1.5 to Rs.2 crore in year as energy cost savings, he claimed.
The group has plans to add another 12 MW at the same location with an investment of Rs.125 crore.
A three MW plant would be commissioned by September and another nine or 10 MW by March next year, Nandagopal later said.
Dr Arulkumar P Shanmugasundram, Executive Vice President- Project and Chief Technical Officer, TPS, Bangalore, said the investment made in the plant can be ploughed back in a span of five to six years.