Indiabulls
Power Lines up 300 cr for Foray into Wind Energy Biz
RACHITA
PRASAD MUMBAI
Indiabulls Power plans to foray into renewable energy to diversify its portfolio and has earmarked an initial investment of around . 300 crore in wind power projects. “We want to be a player of scale, which will come from thermal power. But we are keen to explore alternative energy to diversify,” Gagan Banga, chief executive officer of Indiabulls Financial Services told ET.
Indiabulls Power plans to
set up around 30 MW of wind energy capacity by 2013 and is also developing four
medium-sized hydropower projects, totalling 167 MW, in Arunachal Pradesh. These
hydro-power projects in the state are likely to be developed as run-of-the
river projects. Power utilities are increasingly looking at renewable energy to
diversify their portfolio to reduce risks arising from high exposure to one
source of energy. Difficulty in securing coal supply domestically, coupled with
rising coal prices globally, have forced power utilities to rethink their
strategy and look at fuel alternatives.
Environmental clearance
issues for power projects and mining sites have further aggravated the woes of
power developers. Government’s thrust on renewable energy sector and incentives
like renewable energy certificates and carbon credits make these renewable
energy projects more attractive.
Source: ET 16082011
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