PLG Power, the energy and power division of the PLG Group, plans to raise about Rs 3,000 crore by listing in the London and Indian markets this year.
The company currently has a focus on solar power. It will complete the process of listing on the Alternative Investment Market (AIM), the London Stock Exchange’s platform for smaller growing companies, by June or July, managing director and CEO Puneet Goyal told Business Standard. About Rs 2,200 crore will be raised from AIM, while the rest of the amount will come from the Indian market,he said. For listing on the Indian stock exchange, the company expects to complete the process by August.
The proceeds will be used in the manufacturing of solar cells, modules and wafers. The company already has a unit for solar photo-voltaics in Nashik, which will have a capacity of 100 Mw by June 2012.
It is also setting up a unit for manufacturing solar cells, with a capacity of 120 Mw. A unit for a 100 Mw waferline will also be set up.
It is also working on a 40-Mw solar power project in Gujarat, to start by this October. PLG has signed a power purchase agreement with Gujarat Urja Vikas Nigam Ltd for this plant. There is equity participation of Zamil of Saudi Arabia and with Ashburg of the UK.
The generation of 40 Mw will be in four phases of 10 Mw each. The first phase of 10 Mw is likely to come up soon and the whole project will be completed by the end of the next financial year.
He said PLG Power will invest a total of Rs 2,500 crore for all its ventures. Of this, Rs 600 crore has already been invested, while it has tied-up funds for the rest of the amount. Apart from the solar sector, the company is also focusing on EPC (engineering, procurement and construction) contracts. It has already won a 30 Mw EPC project for about Rs 400 crore.
“We are also talking to other solar developers for EPC projects and we expect to get another EPC contract worth Rs 1,000 crore soon,” Goyal added.