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Cleantech Ventures, the solar energy business arm of the diversified Mahindra and Mahindra Group, is set to commission its 5 MW solar power plant in Rajasthan next month and sees itself playing a larger role in the solar power generation both as an EPC contractor and a developer setting up 75 MW.
“The first phase of M&M’s strategic entry into solar power generation has been validated with the setting up of the 5 MW plant in Gujarat along with scores of other installations across company manufacturing facilities and offices. We are now looking at taking this up on a much larger scale,” said Mr. Vish Palekar, Business Head-Cleantech Ventures, which operates under the name of Mahindra Solar.
Speaking to Business Line at the Solarcon India 2011, he said, “We are on course to our committed plan of setting up of 75 MW of solar power generation in the country within two years and have been bidding for projects under the National Solar Mission and also under the projects offered by Gujarat, Rajasthan and Karnataka.”
Various elements that go into successful implementation of a solar power generation facility have now fallen in place. The business model has been validated and funding is coming through. “We therefore see rapid implementation of farms in the next few quarters. The 5 MW plant at Jodhpur will be connected to the grid within 30 days,” he said.
“Within the company, we have deployed solar rooftop projects at Chennai World City, Reva and other manufacturing facilities. This is a group-wide initiative to ensure that solar power generation is set up at all places,” he added.
Answering a question, Mr Palekar said that Cleantech would like to put up 25 MW of capacity under the ‘renewable energy certificate’ scheme (under which a renewable energy generator would sell power under a power purchase agreement at a non-preferential tariff, but would get trade-able renewable energy certificates.
The only hurdle to doing this is the ‘bankability’ of the projects under the scheme. Bankers prefer to see revenue flows for the long term. The current REC scheme, with its floor and ceiling prices for the certificates, is only for the five years to 2017.
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