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Indowind Energy, a renewable energy firm focusing on wind power generation, is looking to expand its presence in solar power generation with plans to develop 50-Mw solar power facility in Tamil Nadu and the same capacity in Karnataka.
The company is expected to invest around Rs 350 crore for 50 Mw project, probably in Karnataka first, in the current financial year, said a senior management official.
The company has land bank available to set up 50 Mw solar power plant in Tamil Nadu. It is waiting for clarity on the tariff and developments on the grid connectivity issues, to start working on the project in Tamil Nadu.
Currently, a group company has a 1 MW solar project in Andhra Pradesh, but Indowind Energy is looking at directly entering into the segment in future, said the official. Indowind Energy is into developing wind farms for sale, manages the wind assets, and generates green power for sale to utilities and companies.
Similarly, in Karnataka, it has landbank available to set up 50 Mw solar power plant. The state is slightly better in terms of tariff and other matters, which would help the company to easily start the project there, he said. While it also has landbank to set up 25 Mw capacity, it is reviewing the option in Karnataka, since power generation is higher here. To set up 50 Mw of solar facility, it would require around Rs 350 crore, he said.
The company currently has around 43 Mw capacity in wind power, he said.
