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Renewable energy independent power producer Greenko Group is all set to foray into solar power generation and plans to develop 500 MW within 12-18 months, by co-locating solar and wind farms. It has initiated the process of identifying global strategic partners for this sunrise sector.
Listed on the AIM of London Stock Exchange, Greenko, the Hyderabad-based company, has recently initiated a process to diversify into solar power generation, with a holding company. The company’s current portfolio with assets of about 800 MW spans wind, hydel, gas and thermal. It is on course to nearly double it to about 1.6 gigawatt-mark by March 2016. Anil Kumar Chalamalasetty, CEO and Managing Director of Greenko, told Business Line , “Solar energy business will be extremely complimentary to the wind energy in particular, where the distribution and evacuation system is already established and there is land availability to rapidly develop these solar units.” Having developed utility scale wind farms of 50 to 100 MW capacity in several States , he said: “We believe that these sites are also suitable for development of solar PV farms. There is evacuation line of 220 KV in these farms, and land is no issue, andabundant sun is ideal for solar farms.
“We are not looking at any power purchase agreements with State utilities. We will implement the solar photovoltaic power projects. The proposed 500 MW capacity will come up in five to six locations of about 100 MW each at the existing wind sites,” he said. “As in the case of wind farms, we have developed with suppliers such as GE and Gamesa. Greenko is in the process of selecting global vendors for the solar PV projects. Given the short gestation of solar PV projects and the availability of land, we are looking at 500 MW in the first phase,” Chalamalsetty said. On the mode of funding for the projects, he said, “We have adequate funds which we had raised and if necessary, we would look at various options. At present, I would not like to comment on the funding aspect.”
The company is in parleys with various State Governments, including Andhra Pradesh, Telangana, Karnataka, Maharashtra, Rajasthan where it has wind power projects and where it is seeking to develop new solar PV assets.
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