MUMBAI (Reuters) - Infrastructure Leasing & Financial Services Ltd (IL&FS) plans to more than triple its power generation capacity in five years, a top executive said, betting on demand for renewable energy sources like wind and solar in Asia's third-largest economy.
Prime Minister Narendra Modi has made renewable energy a priority for his government as he looks to address the country's chronic power shortages and fulfil an election promise of round-the-clock power to all Indians by 2022.
IL&FS, whose power generation capacity is about 1,500 MW, including about 900 MW of renewable energy, will take the total to about 5,000 MW in the next five years, Managing Director Hari Sankaran said in an interview.
Half of that would be from conventional sources like coal and gas and the other half will be from new energy.
"We are making a big play in solar," he said.
(Reporting by Devidutta Tripathy and Sumeet Chatterjee; Editing by Subhranshu Sahu)
