The Hyderabad-based Greenko Group plans to invest about $300 million (about Rs 1,470 crore) in three years for setting up about 15 clean energy projects in the country.
Speaking to Business Standard, Greenko co-founder and president Mahesh Kolli said the projects would come up in Himachal Pradesh, Karnataka and Andhra Pradesh among other places. Besides, it has planned wind assets in five locations in Andhra Pradesh and Karnataka.
The company would add about 300 Mw through hydro and biomass projects in the next three years. For this, it would require about Rs 5 crore for each Mw. Greenko plans to raise about 30 per cent of the capital through equity and the remaining as debt from financial institutions.
Kolli said they were in talks with international and domestic funding agencies. The hydro projects would not have any overheads like rehabilitation or resettlement of people as the area would be limited.
Greenko is engaged in generating clean power, retailing carbon credits, green power trading and backward integration in agri-processing.
It currently has an operational capacity of 41.5Mw generated by its six biomass projects. Another 59.5Mw hydro power would be added in July during the rainy season, he said, adding Greenko was negotiating with various companies to add another 99.5 Mw shortly to take the total capacity to 200 Mw at an investment of Rs 500 crore.
The company is targeting revenues of Rs 200 crore this year and expects this to treble once it reaches 400 Mw in three years.
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Greenko had earlier raised about euro 60 million (about Rs 380 crore) through an IPO for creation of assets for operation and for business development.
The country’s renewable energy market is among the largest in the world. The government has set specific targets of contributing 10,000 Mw to total power generation capacity by 2012 through renewable energy sources. Currently, renewable energy accounts for 3.5 per cent (3,700 Mw) of the total installed capacity.