To invest Rs 6,000 cr over three years
Reliance Power proposes to take its solar capacity to 300 MW by 2015, with an investment of Rs 6,000 crore. The Anil Ambani group company has set an ambitious target that will help light up over five lakh households in the country.
Mr Anil Ambani, Chairman, Reliance Power, said the company is targeting to commission the 100 MW solar thermal plant (as part of National Solar Mission) at Dhursar by March 2013.
He was speaking at the commissioning of the 40 MW photovoltaic plant at the same location on Saturday.
The existing project of 140 MW (40 MW photovoltaic commissioned and 100 MW thermal to be commissioned in 2013) involves investment of Rs 3,000 crore, he said. Of this, RPower contributed Rs 1,000 crore. The company raised a loan for the balance from US Exim Bank-Asian Development Bank combine.
Mr J.P. Chalasani, CEO, Reliance Power, said the power generated from the photovoltaic project will be used to meet renewable purchase obligation in Maharashtra and is not part of the National Solar Mission. The company has a long-term power purchase agreement with Reliance Infrastructure for the photovoltaic project.
Asked about the funding details of the 40 MW photovoltaic project, Mr Chalasani said, it involved an investment of Rs 700 crore at a debt-equity ratio of 75:25. While Reliance Power infused the entire equity into the project, US Exim Bank and ADB have provided the entire debt component at competitive rates. This is the first direct loan sanction by ADB to a private sector solar project in India.
The 40 MW plant is expected to generate more than 70 million kilowatt hours of clean energy annually. The site spread over 350 acres will supply clean energy needed for consumption of 75,000 households, he said.
The commissioning was done in the presence of the Minister for New and Renewable Energy, Dr Farooq Abdullah, and the Rajasthan Chief Minister, Mr Ashok Gehlot.