Leading polyester filament yarn company Nakoda today said it will start a wind power project in Madhya Pradesh by March next year.
The company will invest Rs 32.92 crore in the project. It will be funded by debt of Rs 23 crore, while the rest will come from internal resources, a Nakoda release said here.
The plant, to be set up at Jethana in Ratlam district, will have seven turbines with a capacity of 750 KW each aggregating to 5.25 MW. After the commissioning of the new machines, Nakoda's wind power capacity will increase from existing 6.75 MW to 12 MW, it said.
Nakoda proposes to acquire wind mills from Global Wind Power (GWPL), a company floated by Reliance ADAG Group. The wind turbines are developed by GWPL in collaboration with Norwin Denmark, the statement said.
The company will enter into a power purchase agreement with Madhya Pradesh Electricity Board to supply around 112 lakh units annually at Rs 4.35 per unit for 13 years. The investment will have a positive impact on the balance-sheet of Nakoda, statement added.
"We are happy to commence our second wind power project after the one in Tamil Nadu. With the project in Madhya Pradesh, we enter into new territory and hope to mark our presence across the country," Nakoda Chairman and Managing Director Babubhai Jain said.