|
| GMDC to invest Rs 600 crore in wind power project |
| Kalpesh Damor / Mumbai/ Ahmedabad Sep 17, 2009, 00:10 IST |
|
State-run lignite and bauxite mining major Gujarat Mineral Development Corporation Ltd (GMDC) is all set to mark its entry into wind power generation. The company has firmed up its plans to take up 100 Mw wind power project in a phased manner.
The Gujarat government has already approved generation of 100 Mw wind power by GMDC. "This is the first wind power project of the company and it will be implemented in a phased manner. The company has envisaged a total of Rs. 600 crore investment for the project," sources close to the development revealed.
In the first phase, GMDC, which already has interests in various power projects in and outside Gujarat, intends to put up wind mills having aggregate capacity of 19.5 Mw, for which it will pump in Rs 120 crore. This wind farm will be funded through internal accruals.
The company has identified Rajkot district's Maliya area, which borders arid region of Kutch in Gujarat. "The first phase of the project will be taken up in current year, while it will take not less than two years to complete the remaining phases", sources added.
GMDC's move to foray into wind power generation is prompted by various factors, one of which is that the company is sitting on surplus fund. Apart from this, the company willl be able to avail special incentives offered under the state government's wind power policy. The new wind power policy of the state has fixed Rs. 3.50 per unit tariff for purchasing wind power. Earlier, the rate was Rs. 3.37 per unit.
"The company will also get the benefit of carbon credit while supply power to state grid, which will further help Gujarat to meet its power requirement", sources explained.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
