London-listed power producer Greenko Group Plc will set up a 300 MW wind farm in Karnataka, entailing an investment of about $400 million (Rs 1,786 crore).
Greenko is focused on clean energy and has its asset base in India. It has an operational capacity of 183 MW.
"We will be building a 300 MW wind farm in Karnataka at an estimated cost of $400 million. The first phase of 100 MW is expected to be operational in 15 months," Greenko CEO and MD Anil Chalamalasetty told PTI.
The second phase, 200 MW capacity, of the wind farm is anticipated to be operational in three years.
The company hopes to enter into a Power Purchase Agreement (PPA) with the Karnataka government for the project, Chalamalasetty said.
Apart from the 300 MW wind farm, it plans to set up hydro power plants having an aggregate capacity of 50 MW, in Karnataka.
The firm's portfolio has a total capacity of 978 MW, including 365 MW from wind, it said in a filing to the London Stock Exchange today.
According to the filing, the necessary permits for the 50 MW run-of-rive hydro power plants are expected to be obtained in the next 12 months.
"The company is evaluating a large number of prospective sites which may be suitablee for further small hydro assets...," it added.
Greenko is listed on the Alternative Investment Marekt (AIM) of the LSE and is registered in the Isle of Man.
