Financial Daily from THE HINDU group of publications
Tuesday, Oct 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 25, 2005 |
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Corporate
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Diversification ONGC to set up wind power farms in Gujarat Pratim Ranjan Bose
Kolkata , Oct. 24 OIL exploration and production major ONGC is now in the advanced stages of finalising the setting up of two wind farms of 50 MW in Gujarat by December. The project would cost close to Rs 400 crore. According to sources, the company has appointed MP Windfarms Ltd (a joint sector company promoted by Consolidated Energy Consultants Ltd, Indian Renewable Energy Development Agency and MP Urja Vikas Nigam) as facilitator-cum-transaction advisor for setting up the 50-MW wind farm in Gujarat. Discussions are also on with a reputed European wind farm major for technical collaboration. The project would primarily meet the requirements of onshore production assets. The payback period is estimated to be three-four years. Apart from Gujarat, ONGC is also looking to setting up wind farms in the South, including Tamil Nadu, and Andhra Pradesh, where it has its production installations. While wind power will replace a part of the company's requirement of the costly conventional grid power leading to substantial savings, the idea is to create grids connecting the existing generation stations (supporting the rigs and other installations) both onshore and offshore. Scheduled to be taken up in association with Power Trading Corporation, the project is likely to be flagged off in the next two months, and would ensure optimising capacity utilisation and creating an exportable surplus of over 250 MW, which would be fed into the national grid, generating immediate resources for ONGC. The company now produces close to 900 MW at its myriad power installations.
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