Power has a new angel: Wartsila

Wartsila India""a leading supplier of decentralised power plants to industry, power utilities and independent power producers ""plans to play angel investor in the power sector.

To begin with, the company will provide seed money for setting up four power plants across the country and later unlock their value by selling to strategic investors.

Banmali Agarwala, managing director, Wartsila India, told Business Standard: "There is a shortage of credible power developers in the country. The company is looking at developing four plants and taking investors as the project develops."

Wartsila is looking at setting up mid-sized power generation projects in the 30-100 Mw range. With the Electricity Act, 2003 encouraging captive power plants, the company intends to set up gas-based power plants close to the load centres.

Wartsila is focussing on putting up cooperative power plants to deliver power to clusters of small and medium enterprises. Besides, the firm is also offering gas-based solutions needed for peaking/intermediate load applications (power) to industrial customers.

"The company plans to grow in phases," said Agarwala. Wartsila has an installed capacity of 2,800 MW. It also has minority stake in two power projects, Kaveri Gas Power and OPG Energy. Its power plant portfolio includes base-load, peaking, mechanical drives and bio-power; from floating barge power stations to decentralised units suitable for urban areas.