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India Power Corporation, a Kanoria Foundation company, will explore the possibility of acquiring thermal power projects, Chairman Hemant Kanoria said. The group is better known for its financial services arm Srei Infra.
“We are open to acquisition of stressed assets in thermal power generating units,” he said at a press meet here on Monday
Kanoria also announced the elevation of his son, Raghav Raj, as Managing Director of India Power.
The company acquired Andhra Pradesh-based Meenakshi Energy last year from ENGIE. The plant capacity will increase from 300 MW to 1,000 MW in December.
With another 150 MW unit at Haldia due to be commissioned, India Power’s installed capacity will increase from 450 MW to 1,300 MW this fiscal.
Raghav, however, is still clueless about sales. “We will look at short-term PPAs,” he said. Currently, Meenakshi has only 200 MW worth of short-term (one-year) PPAs (power purchase agreement).
States have hardly signed new PPAs for last three years. Many, including Uttar Pradesh, have cancelled PPAs.
The serious over-capacity is reflected in consistent decline in PLF (plant load factor) to technically unfeasible levels of 60 per cent in FY17.
India Power operates 100 MW of wind power plants in Karnataka, Gujarat and Rajasthan; and a 2-MW grid connected solar PV power plant in Bengal.
Another 36 MW of solar power unit is expected to come up in Uttarakhand at a cost of ₹225 crore.
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