Company to invest around Rs 10 crore for the first phase
Ahmedabad-based pharmaceutical export-oriented-unit (EOU) Astra Lifecare will be foraying into wind energy. The company is in the process of setting up a 2 MW wind energy farm at Amreli within this month and would commission another 3 MW by the end of November this year.
"We are planning to use the generation from the wind plant for our captive use. Currently, we need around 2 MW for our plant and post expansion our net requirement should touch around 5-5.5 MW," said Azizali Bhaidani, promoter of Astra Lifecare.
Astra is in the process of expanding capacity by around 2.5 times from the current capacity of 10 million tablets and 5 million capsules per day.
The company started its operations in 2006 by setting up a formulations manufacturing plant here as a backward integration step to support its drugs trading business in East Africa.
Astra is investing around Rs 10 crore for the first phase, and would be subsequently investing around Rs 15 crore for the second phase in November. The project has been funded by 70 per cent debt and remaining equity.
Bhaidani said, "The project is already registered with the United Nations Framework Convention on Climate Change (UNFCCC) and we are now waiting for the host country approval so that we can get carbon credits out of the green energy project."
The company expects to generate 8,400 to 8,600 certified emission reductions (CERs) annually after completion of the project.
Astra has also signed a power purchase agreement (PPA) with Uttar Gujarat Vij Company Ltd (UGVCL) for sale of excess power generated from the wind farm that would be spread over 300 acres upon completion.
The PPA is valid for 20 years and renewable thereafter.
